Atlanta-based SnapMedTech Inc. filed a $17.8 million funding round with the U.S. Securities and Exchange Commission, indicating continued growth for the fastest-growing company in metro Atlanta.
SnapMedTech is the parent company of SnapNurse, an on-demand medical staffing platform, and Paymint, a financial technology platform that enables employees to get paid daily. It earned the No. 1 Pacesetter Award from Atlanta Business Chronicle for its 77,000% growth in 2020.
The combination of those two businesses has fueled the startup’s growth, CEO Cherie Kloss previously told the Chronicle. Demand for SnapNurse exploded during the COVID-19 pandemic when many hospitals were short staffed.
The company’s daily payment technology attracted more nurses to the platform because of the fast paychecks, Kloss said. Last year, 20,000 nurses used SnapNurse. Since launching its daily payment platform, it’s grown to 160,000.
SnapMedTech did not respond to requests to comment on the most recent SEC filing before press time.
SnapMedTech has 63 investors, according to the Oct. 14 SEC filing.
Pivotal Group, based in Phoenix, provided SnapMedTech with a $15 million growth equity investment and a $100 million credit facility at the end of 2020. Tyler Rives and Francis Najafi of Pivotal are listed as directors of SnapMedTech.
The most recent filing of $17.8 million may include the Pivotal investment in 2020, which is not filed with the SEC. Before that investment, SnapMedTech raised $1.3 million in 2017.
SnapMedTech is on track to earn $1.5 billion in revenue this year, mostly through organic growth, Kloss previously said. The company recently moved into a new office in Midtown’s Colony Square. It has 300 employees, about 100 of whom are based in Phoenix and focused on financial services.
