Clipboard Health Startup Diligence Research Report
Proceed to data-room diligence focused on whether marketplace liquidity and vertical expansion can sustain profitable growth under contractor-classification, credentialing and healthcare staffing regulatory constraints.
Clipboard Health Startup Diligence Research Report
Clipboard Health has credible public evidence of a large healthcare staffing marketplace and unicorn financing, but major diligence gaps remain in financial quality, customer concentration, worker classification, healthcare staffing compliance and operational controls.
Terms use independent-contractor professionals; CA/DOL frameworks create reclassification risk.
Diligence request: Request classification memos, worker agreements and wage-hour audits.
State registrations and licensure requirements vary; company-specific compliance is not public.
Diligence request: Request registrations, credentialing SOPs, license-check logs and incident reports.
Public funding is credible, but revenue, margin, cash, debt, AR and runway are private.
Diligence request: Request financial statements, bank statements, AR aging, debt, budgets and unit economics.
ShiftKey, IntelyCare and ShiftMed overlap with Clipboard; ShiftMed emphasizes W-2 and savings.
Diligence request: Benchmark rates, take-rate, fill reliability, win/loss and W-2 cost sensitivity.
Fill-rate claims coexist with app-review complaints about attendance, pay, safety and disputes.
Diligence request: Request NPS, support tickets, incidents, cancellation/deactivation and dispute data.
Privacy and trademark signals exist, but SOC2, BAAs, subprocessors, official IP and material contracts are private.
Diligence request: Request SOC2/security package, HIPAA/BAA analysis, data map, official IP and contracts.
Stories and scale claims do not reveal top customers, churn or concentration.
Diligence request: Request top customer revenue, churn, contracts and references.
Live CB row differed from prompt-provided CB selection on date/investors.
Diligence request: Obtain current CB export and financing documents.
Financial Information: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
not publicly verifiable confidence: low
Public diligence for Annual and quarterly financial information for the past three years is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Revenue/ARR not public | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Pricing/take-rate partially public | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Marketplace liquidity KPIs claimed | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| AR/working capital private | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Financial Projections is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Capital Structure is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Twomagnets/Clipboard entities | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Wei Deng Founder/CEO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Named investors | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Options/debt/warrants private | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
partially verified confidence: medium
Public diligence for Other financial information is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Founded 2016 / YC W17 | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| 2021 $50M Series B | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| 2022 $30M Series C at $1.3B | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| CB row discrepancy | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
Products: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
partially verified confidence: medium
Public diligence for Description of each product is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Workplace shift marketplace | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Worker app | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Long-Term Care | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Home health/hospitals/dental/childcare | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Clipboard standard role rates | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| ShiftMed savings/W-2 claim | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| ShiftKey no public rate card | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| IntelyCare no public rate card | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
Customer Information: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
partially verified confidence: medium
Public diligence for Top customers by application is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| 6,500 workplaces aggregate | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Quiet Embrace Hospice | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Starlight Hospice | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Holistic Care Hospice | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| 4.9K LTC facilities | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
partially verified confidence: medium
Public diligence for Strategic relationships is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Sequoia | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Y Combinator | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Apple App Store | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Google Play | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Undisclosed payment/credential/cloud vendors | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Revenue by customer is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Significant relationships severed within the last two years is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Top suppliers is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Apple App Store | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Google Play | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Payments/Instant Pay provider private | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
| Credential/background vendors private | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
| Cloud/security stack private | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
Competition: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
partially verified confidence: medium
Public diligence for Competitive landscape by market segment is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Clipboard | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| ShiftKey | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| IntelyCare | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| ShiftMed | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Liquidity | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Worker model | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Pricing | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Enterprise proof | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
Marketing, Sales, and Distribution: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
partially verified confidence: medium
Public diligence for Strategy and implementation is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Owned web/vertical pages | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Mobile app stores | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Direct sales | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Customer stories | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Major Customers is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
partially verified confidence: medium
Public diligence for Principal avenues for generating new business is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Scale proof | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Customer proof | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| App proof | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Hiring proof | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Sales force productivity model is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Ability to implement marketing plan with current and projected budgets is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
Research and Development: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
partially verified confidence: medium
Public diligence for Description of R&D organization is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Trey CPO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Chelsea Engineering Manager | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Aditi Product Ops | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Cade Product Analyst | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Arusha cross-state feature | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
partially verified confidence: medium
Public diligence for New Product Pipeline is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Vertical expansion | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Instant Pay | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Rate negotiation | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Cross-state work | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
Management and Personnel: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
not publicly verifiable confidence: low
Public diligence for Organization Chart is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
partially verified confidence: medium
Public diligence for Historical and projected headcount by function and location is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Over 1,000 team claim | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| YC jobs 42 | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Remote/hybrid U.S. openings | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Functional breadth | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
partially verified confidence: medium
Public diligence for Senior management biographies is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Wei Deng Founder/CEO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Bo Co-CEO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Warren CFBO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Trey CPO | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Carlos Sales/AM | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Ryan Legal | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Compensation arrangements is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Incentive stock plans is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
inconclusive confidence: medium
Public diligence for Significant employee relations problems, past or present is inconclusive; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Personnel Turnover is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| No public executive departure list | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| No CourtListener employee matter results | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| App-review worker sentiment | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Hiring velocity | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
Legal and Related Matters: public evidence is summarized with gaps and follow-up requests; private data-room confirmation remains required.
inconclusive confidence: medium
Public diligence for Pending lawsuits against the Company is inconclusive; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Clipboard Health CourtListener search | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Twomagnets CourtListener search | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Arbitration clause | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| PACER/state/admin search gap | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
inconclusive confidence: medium
Public diligence for Pending lawsuits initiated by Company is inconclusive; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| Clipboard plaintiff search | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Twomagnets plaintiff search | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| IP/domain/collections gap | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
inconclusive confidence: medium
Public diligence for Environmental and employee safety issues and liabilities is inconclusive; evidence is source-linked and private follow-up is required.
partially verified confidence: medium
Public diligence for Material patents, copyrights, licenses, and trademarks is partially_verified; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| CLIPBOARD HEALTH mark | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| CLIPBOARD mark | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Domains/apps in Terms | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Patents/licenses gap | Public evidence item; see evidence claims. | not_publicly_verifiable | Request source records and definitions. |
not publicly verifiable confidence: low
Public diligence for Insurance coverage and material exposures is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
not publicly verifiable confidence: low
Public diligence for Material contracts is not_publicly_verifiable; evidence is source-linked and private follow-up is required.
inconclusive confidence: medium
Public diligence for Regulatory agency problems is inconclusive; evidence is source-linked and private follow-up is required.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| CourtListener zero-result search | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Worker classification | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Healthcare service-firm rules | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Nurse licensure | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| Privacy/security | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| FTC noncompete context | Public evidence item; see evidence claims. | partially_verified | Request source records and definitions. |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | Live CB Insights row confirmed $1.30B valuation, United States, San Francisco, Healthcare & Life Sciences, but differed from prompt on date/investors. | partially verified medium | SRC-001 |
| EC-002 | TechCrunch reported $80M raised across $50M Series B and $30M Series C at $1.3B post-money, with Sequoia leading the latest round. | verified high | SRC-002 |
| EC-003 | Sequoia describes Clipboard Health as an app-based talent marketplace matching healthcare professionals with open shifts and lists founded 2016/partnered 2022. | verified medium | SRC-003 |
| EC-004 | YC lists Clipboard as Winter 2017, Marketplace/Health Tech/Healthcare/San Francisco, identifies Wei Deng as Founder/CEO, and states over 1,000 remote-first team members. | verified high | SRC-004 |
| EC-005 | Clipboard homepage claims over 6,500 workplaces, 1 million workers, 95% staffing when posted a day in advance, and 85% repeat-worker matching. | partially verified medium | SRC-005 |
| EC-006 | Pricing page states role types have standard hourly rates, transparent pricing, fast replacements, and rates varying by location. | partially verified medium | SRC-006 |
| EC-007 | Worker page says professionals can book shifts on their schedule and choose instant pay for a small fee or free few-day pay. | verified medium | SRC-007 |
| EC-008 | Long-Term Care page claims 4.9K facilities, 5M shifts posted in 2025, 800K healthcare workers, and 95% coverage when posted a day ahead. | partially verified medium | SRC-008 |
| EC-009 | Stories page names customer stories/logos including Quiet Embrace Hospice, Starlight Hospice, Holistic Care Hospice and over 6,500 workplaces. | partially verified medium | SRC-009 |
| EC-010 | Terms identify Twomagnets LLC d/b/a Clipboard Health, affiliate Clipboard Health LLC, and an online marketplace using independent contractor professionals. | verified high | SRC-010 |
| EC-011 | Terms require individual AAA arbitration for disputes with Clipboard. | verified high | SRC-010 |
| EC-012 | Privacy policy discloses collection, use, disclosure and processing of Personal Information across websites and mobile apps. | verified medium | SRC-011 |
| EC-013 | Apple App Store lists Clipboard - Workers with 21K ratings, 4.6 score and product copy for apply/onboard, shifts, Instant Pay, credentials and location tracking. | partially verified medium | SRC-012 |
| EC-014 | Google Play lists Clipboard - Workers with 4.4 stars, 5.41K reviews, 500K+ downloads and update date May 20, 2026. | partially verified medium | SRC-013 |
| EC-015 | Careers page describes a remote-first team, marketplace support for healthcare/dental/childcare, and public product/engineering/sales/legal roles. | verified medium | SRC-014 |
| EC-016 | YC profile/jobs showed Jobs 42 and many remote/hybrid U.S. openings at access time. | verified medium | SRC-004SRC-015 |
| EC-017 | CourtListener API searches for Clipboard Health and Twomagnets returned zero opinion-search results in this environment. | inconclusive low | SRC-016SRC-017 |
| EC-018 | California ABC test assumes workers are employees unless all conditions are satisfied and willful misclassification penalties can be $5,000-$25,000 per violation. | verified high | SRC-018 |
| EC-019 | DOL maintains guidance on misclassification of employees as independent contractors under the FLSA. | verified medium | SRC-019 |
| EC-020 | New Jersey regulates health care service firms and requires registrations plus certain financial statements/audits/reports for some firms. | verified medium | SRC-020 |
| EC-021 | NCSBN says 43 jurisdictions are in the Nurse Licensure Compact and moving nurses must apply in the new primary state within 60 days. | verified medium | SRC-021 |
| EC-022 | Trademarkia shows CLIPBOARD HEALTH and CLIPBOARD marks owned by Twomagnets LLC as live/registered and describing marketplace software/services. | partially verified medium | SRC-022 |
| EC-023 | ShiftKey positions itself as connecting licensed professionals and facilities nationwide. | verified medium | SRC-023 |
| EC-024 | IntelyCare positions itself as an app for flexible nursing jobs with RN/LPN/CNA opportunities and organization scheduling. | verified medium | SRC-024 |
| EC-025 | ShiftMed positions around workforce management, local W-2 nurses, reduced travel contracts and savings up to $300 per shift. | verified medium | SRC-025 |
| EC-026 | Public Apple reviews include anecdotal concerns about cancellation, sick-worker incentives, pay and facility disputes; these are low-confidence risk signals. | inconclusive low | SRC-012 |
| EC-027 | FTC noncompete rule page defines worker broadly including independent contractors and restricts many noncompete clauses if enforceable. | inconclusive medium | SRC-026 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.