Why we invested in TERN:

Today, we’re excited to announce our investment in TERN, leading their $21m Series A round alongside LocalGlobe and existing investors RTP Global. Founded in 2023 by Avinav Nigam and Krishna Ramkumar, two experienced founders and operators, TERN is an AI-native end-to-end talent mobility platform to search and hire verified talent for critical shortage occupations, with a focus on health and social care.

Global healthcare needs a different approach to solve their workforce shortages

Developed economies are facing severe workforce shortages driven by demographic challenges, with 20–30% of the population now over 65. The most acute gaps are in health and social care, where the WHO estimates a shortfall of 11 million health workers by 2030. Traditional recruitment agencies have struggled to bridge the gap between demand in developed economies and supply in developing ones. Their processes are often opaque, slow, and fragmented, with limited support for candidates once they relocate, resulting in poor retention.

The scale of the healthcare talent gap is massive

The problem is massive, and it is not a new one. Some companies have attempted to solve it in the past, but most have failed. Through an AI-native platform, TERN can now automate the whole end-to-end process, from sourcing, pre-screening, interviewing and matching the candidates to the right jobs. Through AI, TERN can also provide relocation and integration services, including visa support, housing, and credit access, thereby creating a comprehensive, full-stack solution. TERN is initially focused on attracting supply in India, where it has deep roots and access to a pool of more than 4.5 million healthcare professionals, with another million expected by 2035. The country’s talent quality and willingness to relocate make it an especially strong supply hub for the platform.

How TERN is using AI to transform healthcare recruitment

Since going live in January 2024, TERN has experienced exceptional traction from both demand and supply perspectives. TERN has already successfully placed over 600 healthcare professionals into leading healthcare institutions across Europe and the GCC. The company has also built a pool of 650,000 verified candidates in record time and signed over 100 clients, making it one of Europe’s fastest-growing SaaS-enabled marketplaces.

Founders with unique insight, access and determination

The market is massive, the product is ready, and the traction is impressive. But this is only possible because the founders Avinav and Krishna have proprietary access to talent in India, and are determined to find a solution to a problem that is affecting the quality of the care in many hospitals around the world.  

We couldn’t be more excited to partner with Avinav, Krishna, and the rest of the TERN team as they build a global category leader in the talent mobility space. Their AI-first approach has the potential to transform international healthcare recruitment,  and more importantly, to help address critical workforce shortages so that timely access to care is available to all.

Why we chose Notion Capital to lead our Series A. A note from the Founder:

When we found each other, TERN was experiencing explosive growth and had achieved 10x growth versus last year. We, however, needed to evolve from a transactional recruitment model (easy, low moat) into a recurring revenue, institutional-quality AI platform (harder, big moat). One that does talent matching, upskilling, migration support, and seamless integration, addressing critical shortages in healthcare and old-age care. Our mission has been to drive global talent mobility from the Global South to the Global North, partnering with governments in the UK, Germany, UAE, Japan and beyond to deliver systemic workforce solutions.

Notion Capital emerged as the ideal partner versus other leading funds, sharing our ambition to build a global leader in AI-workforce management and help transition TERN into a strategic, recurring business with truly scalable impact. Their expertise in scaling B2B SaaS and marketplaces, combined with hands-on operational guidance and platform thinking, is fast equipping us to professionalize our business, refine go-to-market strategies, and navigate complex government and enterprise partnerships. 

Together, we’re confident to reshape the future of global workforce mobility.