With $50 million raised in Series C funding, pharmaceutical delivery startup PillPack will throw its hat into the ring against brick and mortar giants like Walgreens and Rite Aid.
The full-service online medication management pharmacy announced yesterday (June 3) its new capital will be used to expand to retail pharmacies in U.S. markets, accelerate company growth and bring on new bring on new employees.
“In the last two years, we’ve built and launched a better, simpler pharmacy experience that folks absolutely love,” PillPack CEO T.J. Parker said in a company release. “With this funding, we’re excited to expand our physical footprint across the country, enabling both increased capacity as well as opportunities for an even more delightful experience for our customers.”
In an interview with TechCrunch, Parker confirmed plans for PillPack’s new physical pharmacies to be built out in larger metro areas. “The pharmacies are intended to do two things – give people the option to get their medicine faster than it would be to ship from PillPack and offer a knowledgeable pharmacist at the ready,” TechCrunch reported.
PillPack’s process of managing medications for its customers includes providing individualized pre-sorted packs of medication and coordinating with physicians and insurance providers to manage refills. Since the company’s launch in 2014, more than 1 million dose packs have been shipped.
The completed round of funding, led by CRV (formerly Charles River Ventures) with participation from Accel Partners, Atlas Venture, Menlo Ventures and Sherpa Ventures, opens the door for more growth and innovation from the young startup.
“In the last ten years, nearly every industry has been modernized to cater to its customers through convenience, service, and simplicity. Surprisingly, the pharmacy experience has been completely overlooked,” said CRV partner George Zachary. “I was drawn to PillPack because they’ve taken on this challenge. Anyone who has to deal with the hassles of an in-person retail pharmacy can understand its value, especially people who have to manage multiple prescriptions of their own or for their loved ones. It’s truly transformative.”
While PillPack moves to expand its offerings from a solely online presence, on the flip side, retail pharmacy giant Walgreens has been quick to adopt mobile services. The brick-and0mortar mainstay partnered with WebMD in January to launch its personal wellness app called Your Digital Health Advisor.
To check out what else is HOT in the world of payments, click here.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More