Florence Technologies is building an online RN-to-BSN nursing education platform targeting the structural US nursing shortage — flexible programs designed for working professionals delivered by clinical faculty across the country. Kyle Hill (Claremont McKenna, serial founder — HomeHero, Flowtab, Harvey Health, Redeeem) and Dante Mitchell Tolbert paired with Jenny Quinn (registered nurse) to attack the shortage. Follow-on check at a $10M post in March 2024 built on a $150K entry in the prior round. The pivot in 2025 to nurse placement / immigration (Filipino nurses to US hospitals via Turot University sponsorship) reflects real founder resourcefulness against a hard fundraising environment.
US healthcare staffing market reached $23.63B in 2026 growing to $30.27B by 2033, with travel-nurse-staffing at 35.1% of global share (Web). By August 2025 Florence had a $3.5M LOI with Howard University Hospital for 70 nurses; Turot University discount partnership at 55% off; first nurses scheduled to land Sept 15, 2025 (Internal). But cash position was 4 months of runway and StoryHouse made a discretionary 50% markdown in Q1 2026 (Internal).
The nursing shortage is one of the most durable macro tailwinds in healthcare, and international placement is a real unlock. But it is fundamentally a services business with policy exposure — visa policy, licensure reciprocity, and hospital hiring cycles all move slowly and are outside Florence's control.
| Player | Positioning | Funding / Stage | Edge vs. them |
|---|---|---|---|
| Florence Technologies | RN-to-BSN online education + Filipino nurse placement (via Turot University sponsorship) | Seed follow-on struggling; 4 months of runway (Aug 2025) | — |
| Chamberlain University | Large accredited nursing school (Adtalem) | Public | Florence targets working professionals with more flexibility; Chamberlain has scale advantage. |
| Cross-Country Healthcare / AMN | Traditional healthcare staffing / travel nursing | Public | Florence is education-first, then placement; incumbents are placement-first only. |
| Nightingale College | Direct online nursing programs | Private | Similar model; Florence differentiates on international sourcing. |
Moat: Thin — combination of nurse-focused online delivery and international placement sourcing. The Turot University partnership at a 55% discount is a real distribution advantage if it can be replicated.
StoryHouse's Q1 2026 discretionary 50% markdown reflects underperformance and limited runway. A modest strategic outcome to a healthcare-staffing consolidator (AMN, Cross-Country) is the base case if Howard converts and international placement scales.
Continued execution against the Howard contract, ongoing challenges with US visa policy for Filipino nurses under current administration.
RAW NOTES: Portfolio call — continued execution against Howard contract and international nurse placement. Working around visa constraints under current administration.
Kyle briefed on Howard University Hospital $3.5M LOI for 70 nurses, Turot University 55% discount partnership, and the 4-month cash position while running Q4 fundraise.
RAW NOTES: Summary — Ok progress on partnership/BD side, creative work arounds to this administrations challenges. Currently have four months of runway and will be running fundraising process in the fall. Partnered with Turot university, largest Jewish university in the US, negotiated a 55% discount, 15K relative to about $30K, for referrals. Picked Jewish university as they cannot be accused of antisemitism and can't be cut off from funding. Trump administration had not opened up student visas for Philippines. Speaking with Howard University Hospital about staffing, 6 months in, just sent LOI for 70 nurses (3.5M). Revenue: Hospital puts $25K down (50%); hospital pays remainder on first day; terms 30/60. First nurses scheduled to land Sept 15; not sure how many make it through border. Initial deposit from Howard would be $1.75M — if received they'd be fine.
Portfolio touchpoint; earlier stage of the pivot into placement.
RAW NOTES: Portfolio checkpoint — continued push against nurse-shortage macro tailwind. Earlier stage of the pivot into international placement.