CORRECTED (OFFICIAL)-Incredible Health valued at $1.65 billion after latest fundraise

·2 min read

(Corrects spelling of Chief Executive Chano Fernandez in paragraph 2 after the company clarifies)

By Manya Saini

Aug 17 (Reuters) - Incredible Health, a job platform for nurses, said on Wednesday it was valued at $1.65 billion after a fundraising round with participation from venture capital giant Andreessen Horowitz.

The $80 million series B fundraise, led by Base10 Partners, also drew investments from Obvious Ventures, Workday Chief Executive Chano Fernandez and NBA player Andre Iguodala. TikTok personalities Charli and Dixie D'Amelio took part through their 444 Capital Fund.

Incredible Health saw a more than fivefold jump in revenue last year, when the COVID-19 pandemic drove demand for healthtech startups and ramped up investor interest in the sector.

While a selloff in equities on fears of a global economic slowdown has dried up funding for late-stage startups in recent months, the healthcare sector has still shown more resilience.

Earlier this year, biotech firm Synthego raised $200 million in a late-stage funding round led by hedge fund Perceptive Advisors, with participation from SoftBank Vision Fund 2 .

Incredible Health intends to use the capital raised in the round to drive research and development efforts as well as scale its current offerings, Chief Executive and Co-Founder Iman Abuzeid told Reuters.

"We are expanding our online nurse community with personalized advice, content and additional features to support nurses over the course of their entire career," Abuzeid said.

With the new funding, the company is also looking to expand its footprint to new markets and beyond nurses to other healthcare worker roles that are facing staff shortages.

The San Francisco, California-based firm employs 180 people remotely and has partnerships with U.S. hospitals including Johns Hopkins, Stanford Health Care and Northwestern Medicine. (Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath)