Relode, an online healthcare recruitment platform providing peer-sourced clinical recruitment, secured strategic capital financing. Nashville-based Heritage Group, a healthcare-focused growth equity firm, led the financing round, which also included Nashville-based Frist Cressey Ventures.

Terms of the transaction were not disclosed. 

Brentwood, Tenn.-based Relode will use the financing to accelerate growth, complete the inclusion of a virtual locum staffing platform and expand technology investments.

Launched in 2014, Relode is a crowd-sourced healthcare recruitment platform providing peer-sourced clinical recruitment. The platform enables healthcare employers to pay healthcare professionals for candidate referrals, reducing the costs of agency overhead. Relode claims to save its clients nearly 50% on permanent hires and 10% or more on temporary staffing. The network consists of more than 20,000 healthcare professionals and clinicians, thousands of whom have signed up to become virtual agents.

“Prior to the creation of Relode, healthcare employers were paying a premium of nearly 20% to 25% of the first-year salary for permanent searches,” said Joe Christopher, Relode’s CTO and co-founder. “With more than 2,000 firms competing for market share and no changes to the model for decades, Relode is well positioned to create a new standard of value, service and innovation.”