Locum’s Nest, an app which connects doctors to locum work in hospitals, has raised £3 million in additional funding from IDO Investments and Albion Capital Group, an independent investment manager. The new round takes the company’s total investment to date to £4.2 million.
Created by former NHS doctors Nicholas Andreou and Ahmed Shahrabani, Locum’s Nest is a mobile-first platform which helps doctors find temporary work in healthcare organisations. The app charges a small one-off admin fee per shift that is filled, helping hospital staff managers cut out agency middlemen.
In a press release announcing the investment, Locum’s Nest cites research which shows that NHS trusts paid recruitment agencies an estimated £235 million in commissions in the last year alone. The company claims this equates to almost 25% of the combined financial deficit of £960 million reported by trusts for 2017/18.
“We are truly delighted that Albion Capital and IDO have combined to invest in the next stage of our growth. Albion Capital understands digital health and how healthcare can be transformed through technologies such as ours. They realised the huge potential of Locum’s Nest supporting Locum’s Nest with start-up funding in June last year.”
Co-founder Shahrabani added that the company’s funding round is good news for the NHS and good for patients too.
Locum’s Nest has already matched more than 40,000 doctors to shifts, across fifteen NHS Hospitals and nearly 100 GP Practices. It has helped to cover hundreds of thousands of hours treating patients with emergency and chronic conditions.