Clasp, a Boston, MA-based provider of a retention-driven recruitment platform, has raised $20 million in a Series B funding round led by Crosslink Capital and Digitalis Ventures.
The round also saw participation from Juvo, Strada Education, Frank Britt, and Jason Nazar.
The company intends to use the funds to expand operations and its development efforts.
Clasp helps healthcare employers build long term talent pipelines by connecting with clinicians before graduation and linking student loan repayment to tenure positioning loan repayment not as a perk but as essential workforce infrastructure. Unlike sign-on bonuses, which quickly fill roles but reward only joining, Clasp’s approach encourages clinicians to stay, reducing turnover and breaking the cycle of rehiring for the same positions.
Inspired by the military’s ROTC model, Clasp brings a similar approach to healthcare with Loan-Linked Hiring. Employers commit to clinicians before graduation, and repay their student loans gradually in exchange for tenure. By spreading incentives over time instead of giving large upfront bonuses healthcare organizations build more stable teams and achieve much higher retention than traditional hiring methods.
For many early career clinicians, student loan payments are one of their biggest monthly expenses, often rivaling housing and heavily influence where they work and how-long they stay. Meanwhile, healthcare systems spend billions annually on sign on bonuses and contract labor to fill staffing gaps, yet nearly half of clinicians leave their first job within two years.
This challenge is expected to grow as new federal loan caps take effect in July 2026, increasing financial pressure on students and competition for talent. Clasp addresses this by enabling employers to commit significant student loan repayment over time—sometimes exceeding $180,000—linking financial support to tenure and encouraging clinicians to stay longer.
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Recent Clasp customers include BAYADA, Bergen New Bridge, Confluent Health, Therapy Partners Group, UMass Memorial Health, and UNC Health Appalachian, joining Boston Children’s Hospital, Memorial Sloan Kettering, MyEyeDr., Northwestern Medicine, Novant Health, OhioHealth, and VCA Animal Hospitals. Across its network, employers have committed over $130M in student loan repayment through thousands of programs nationwide.
“Healthcare often pays people to join and then is surprised when they leave,” said Tess Michaels, Founder and CEO of Clasp. “To keep clinicians longer, incentives need to reward staying. When financial support continues over time instead of ending quickly, behavior changes—teams stay stable, and vacancies drop.”
“This isn’t just about filling jobs – it’s about rethinking how we support the next generation of healthcare heroes,” said Tristan Hall, Senior VP and Chief HR Officer at OhioHealth. “We’re proud to lead in Ohio with a model that helps students financially, professionally and emotionally, long before graduation. Retention focused loan repayment creates real workforce stability. Many students have already completed clinical rotations at our facilities, helping us keep and grow local talent. When students feel supported, they are more likely to stay, lead and give back. This program strengthens our connection with the communities we serve from day one.”
“At Novant Health, we aim to build a healthier future for our communities and our team members,” said Lauren King, VP of Talent Strategy and Workforce Management at Novant Health. “Supporting students now helps develop the workforce of tomorrow. Partnering with Clasp, we’re helping new nurse anesthetists repay part of their student loans, with plans to expand this to other roles. Reducing financial stress early fosters loyalty, engagement, and long-term success.”
“Healthcare has long been trapped in a cycle of hiring and rehiring,” said Gabby Contro, Partner at Crosslink Capital. “Clasp tackles the financial reasons behind that cycle, which costs tens of billions each year. By linking financial support to tenure, Clasp is building infrastructure for a more stable clinical workforce.”
About Clasp
Founded in 2018, by Tess Michaels while completing her MBA at Harvard Business School, Clasp is a workforce infrastructure company that connects clinicians with healthcare employers and links student loan repayment to tenure. Raised in a family of physicians, Michaels saw how staffing gaps strain care teams. and how student debt influences where clinicians work, and how long they stay. Through its Loan-Linked Hiring model, Clasp helps health systems hire talent earlier and improve long-term retention.
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