We are excited to announce that Matchstick Ventures Fund III has completed an investment in Keel Technologies. Keel helps the healthcare workforce achieve its fullest potential through professional development coaching and upskilling.  

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While it is well-recognized that there have been underlying workforce challenges in the healthcare industry for years, the COVID-19 pandemic not only accelerated the stress and burnout felt by many healthcare workers but also put a magnifying glass on the problem for the public at large. 

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This not only decreases the well-being of a group of people very important to our society — between 35 and 54% of nurses and doctors show signs of burnout — but also leads to major issues and costs for the healthcare systems and hospitals that employ them. The United States Surgeon General estimates more than $13 billion in annual costs due to turnover. It is also estimated that more than $20 billion is spent yearly due to medical errors. 

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Healthcare organizations need to more effectively engage, support, and retain their existing workforce. They also need to recruit the right people into existing teams to meet demand and to operate at their fullest potential. This is a multi-layered and complex leadership challenge.

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Keel’s mission is to stabilize and strengthen the healthcare workforce through professional development and upskilling, offering individual and group coaching to all roles in healthcare organizations. Keel believes the healthcare workforce deserves to achieve its fullest potential, and that when they are empowered to do so, they can not only deliver the best care to patients, but the organizations they work for can operate at their best as well.

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By providing healthcare workers with scalable tools to help reduce burnout and frustration in their jobs, Keel can not only benefit the well-being of individuals but the organizations they work for as well. With increased happiness and sustainability for their employees, healthcare systems can reduce turnover — a huge cost center that could be improved with more support and resources for workers. 

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We are excited to work with Keel’s founder, Steve Theesfeld, who has successfully built a similar business, Cariloop. Cariloop is focused on family caregivers, and following its success — Cariloop has raised over $15 million in capital and sells its services to employers as a benefit for their workforce — Steve is now focused on healthcare workers with Keel. We are also excited about the societal impact this investment could make as well and are proud to help advance positive technology to improve the social fabric of society we all rely upon.

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