Atlanta startup SnapMedTech Inc.’s revenue grew 11,203% in three years. Employee count grew 468% in the same time frame.
Those numbers catapulted SnapMedTech Inc, the parent company of SnapNurse, to the top of Atlanta Business Chronicle’s 2021 Pacesetter list.
The digital nurse staffing agency saw a massive influx of demand during the height of the pandemic from strained hospitals and healthcare facilities. But CEO Cherie Kloss attributes the company’s rapid growth to its payment system, which allows nurses to get access to pay within 30 minutes of their shift.
Last year, 20,000 nurses used SnapNurse. Since launching its daily payment platform, it’s grown to 160,000, Kloss said.
SnapMedTech is also the parent company of Paymint, a financial technology platform that enables these daily paychecks. All the nurses are W-2 employees, meaning they also receive benefits from SnapMedTech. That added complexity into building the Paymint platform, which is now patent-pending, Kloss said.
“We’re about three years ahead of all other early-wage access platforms,” Kloss said.
Daily paychecks are emerging as a trend to recruit and retain employees. Earlier this week, Atlanta fintech giant InComm Payments announced an investment into Instant Financial, a platform that allows employees to access some of their wages immediately after their shift. Credit card giant Visa also supports earned wage access to increase financial wellness for employees.
Now that SnapMedTech has proven Paymint works for a large scale of employees, it's selling that platform to clients that want to provide similar, same-day payments, Kloss said, adding another revenue stream for the company.
Kloss built that payment system because of her own experiences as a contract anesthetist. She always chose assignments that gave her a check after the shift, even if it paid less than other jobs.
“I knew my own self was attracted to that,” Kloss said. “It was motivating.”
SnapMedTech is now on track to earn $1.5 billion in revenue this year, mostly through organic growth. The startup has raised $17.5 million in capital since launching in 2017, Kloss said.
SnapMedTech hit its growth during a transformative period in the nurse staffing industry, fueled by high demand during the pandemic. Now, nurse shortages are making staffing agencies more attractive. Nurses get more flexibility at a staffing agency, and hospitals no longer must pay their benefits, Kloss said.
“There’s definitely been a paradigm shift in how hospitals are going to be employing nurses,” Kloss said. “Over the next five to 10 years, nurses will probably be 100% contractors.”
Kloss wants SnapNurse to own that industry shift. She says the company just completed its most profitable quarter since the launch.
SnapMedTech recently moved into a new office in Midtown’s Colony Square. The company has 300 employees, about 100 of whom are focused on financial services in Phoenix, Arizona.
“We’re headed to be a $1 billion company,” Kloss said.
Atlanta Inno's Fire Awards 2021
Yieldi grew 300% in 2020, a year after its founding.
BitPay has processed more than $5 billion in transactions and has more than $70 million in investments, including from Silicon Valley’s Founders Fund.
FilmHedge provides fixed-interest loans and lines of credit to finance movie and TV productions through an online application.
LendingPoint scored a $125 million investment from Warburg Pincus earlier this year and has more than 300 employees.
Founded in 2007, Bluefin raised $25 million at the end of last year to expand its geographical reach, which already includes 130 partners across 32 countries.
Buckle raised a $31 million Series A round and bought Gateway Insurance Company to expand into 47 states in 2020.
In 2020, MAXEX tripled its annual volume and expects the growth to continue this year.
Curricula, an Atlanta Tech Village startup, raised $3 million last year to expand its team to 30 and released a new product earlier this year
Featurespace raised $37.4 million in 2020 to fuel its expansion into Singapore. The Technology Association of Georgia named it an innovative company of the year.
Oversight, which has more than 200 enterprise partners, made the Atlanta Business Chronicle’s 2020 Pacesetter Awards list and garnered recognition from TAG for its innovation.
Hermeus is leasing a 110,000-square-foot space in Doraville for its headquarters and aircraft assembly factory and raised a $16 million round last fall.
Nexus Fuels, backed by Cox Enterprises' Cleantech division, has produced about 310,000 gallons of oil and diverted more than 2.7 million pounds of plastic from the landfill.
Flock Safety raised $47 million last year and aims to help lower the city’s rising crime.
Earlier this year, Valor closed its second, $21 million fund, which includes investments in Physician360 and LeaseQuery.
This seed-stage investment firm closed its first fund of $27 million earlier this year, surpassing its initial goal.
This early-stage investment firm launched at the end of the last year to help grow tech-enabled companies founded by veteran entrepreneurs in the Southeast.
Zane Venture Fund has investments from Calendly CEO Tope Awotona and Sig Mosley, the “Godfather of Angel Investing.”
The goal for Panoramic Ventures' first fund is $300 million, and the firm has a team of more than 25.
iFOLIO, which is hiring, has more than 5,350 clients, including Madison Square Garden and Atlanta Falcons.
Backed by Shark Tank billionaire Mark Cuban and Atlanta Ventures, Offbeat Media Group is using innovative marketing strategies to help brands advertise on social media.
Terminus raised $90 million and plans to increase its 200-person team to 250. It’s made four acquisitions in past three years.
Founded in 2015, inBrain is the second fastest-growing company on University of Georgia’s 2021 Bulldog 100 list.
The Desire Co., founded in 2015, has $4 million in investments and grew its team by 41% in the past year.
Founded in 2011, DecisionLink raised $18.5 million from prominent Silicon Valley firm Accel at the beginning of this year.
LeaseQuery, which was bootstrapped until 2019, is backed by Goldman Sachs and consistently garners local recognition for its fast growth.
In 2020, M3 updated products to include work-from-home accessibility and added 61 new customers.
11Ten Innovation Partners was named an Atlanta Business Chronicle 2021 Pacesetter and has partnerships with Emory Healthcare Innovation Hub and the Verizon 5G Innovation Hub.
Speedscale, backed by Silicon Valley’s Y-Combinator and Atlanta’s Tech Square Ventures, prevents product incidents in programmers’ code through automation.
In 2020, PadSplit raised $10 million and is expanding into other cities.
Empowrd completed the 2021 Cox Enterprises Social Impact Accelerator this year.
This fintech company, backed by Valor Ventures, wants to close the gap for the unbanked or underbanked population.
A partner of the Atlanta Braves, PrizePicks is the closest legal alternative to legal mobile sports betting in many areas across the country.
Founded in Georgia Tech’s CREATE-X program, Stord raised $100 million from West Coast investors and bought transportation provider Cove Logistics this past year.
Verusen raised $8 million earlier this year after seeing massive growth in 2020 because of an increase in demand due to the pandemic
Saltbox raised a $10.6 million round to expand into more cities around the U.S. and add 50 people to its team.
SalesLoft hit unicorn status at the beginning of 2021 with a $100 million round.
Gimme released a new product late last year and saw an increase in demand during the pandemic as companies looked for technology to better manage their supply chains.
As delivery demand increased because the pandemic, Roadie launched their services to 3,000 new stores in two months.
Greenlight Financial Technology raised $260 million in May 2021, tripled its year-over-year revenue in 2020 and plans to hire 300 employees in the next two years.
Calendly raised a $350 million investment earlier this year, putting its valuation at more than $3 billion.
OneTrust raised $210 million in April and has bought three companies in the last five months.
PPRO opened its U.S. headquarters in Atlanta in 2017. In 2021, it became a unicorn with a $180 million round.
Atlanta Tech Village opened their doors back to entrepreneurs in May 2020 and kept all 300 company tenants throughout the pandemic.
Tech Alpharetta has more than 50 mentors and has 15 startup graduates, mostly in technical software sectors.
The Gathering Spot connected members digitally through a program called “Circles” and increased its membership during the pandemic. The club is expanding into Washington D.C. and Los Angeles.
