Healthcare Tech Company Truepill Raises $75M To Expand

Truepill, an online pharmacy powering delivery for direct-to-consumer healthcare brands, announced Wednesday (Sept. 9) that it closed on a $75 million Series C funding round.

The San Mateo, California-based company said the cash will be used to introduce an at-home lab testing platform. The new service is expected to expand Truepill’s direct-to-patient capabilities.

Connecticut-based healthcare and FinTech investor Oak HC/FT led the funding. Also participating were existing investors Boston-based Optum Ventures, which offers capital and strategic guidance to startups; TI Platform Management LLC., the New York investment advisory firm; Sound Ventures, the Los Angeles venture capital firm co-founded by Ashton Kutcher; and Y Combinator, the seed money startup accelerator based in Cambridge, Massachusetts.

“Healthcare today is defined by silos and misaligned incentives, often leaving the patient to navigate an inefficient and inaccessible system,” said Truepill CEO Umar Afridi in a statement. “This divide can be a monumental barrier to care. Through our B2B healthcare platform approach, we aim to be the connective tissue that brings all the elements of digital health together.”

Built on an application programming interface (API), Truepill said it provides customized B2B solutions for healthcare companies including direct-to-consumer health brands.

Annie Lamont, managing partner at Oak HC/FT, said her firm joined Truepill as the company advances its vision, expands its platform and works to shape the future of healthcare.

“Their unique API-driven ecosystem is revolutionizing the way we think about patient care and the role of technology in creating a healthcare experience that endures,” Lamont said in a statement. “We’re excited to watch Truepill build an iconic healthcare company in one of the most rapidly evolving eras the industry has ever seen.”

In a recent interview with PYMNTS, Afridi said the pharmaceutical sector is due for a jolt from technology and a direct-to-consumer focus.

In July, Truepill raised $25 million to expand its telehealth offerings. The company said the money will be used to expand its tech infrastructure beyond pharmacy distribution centers to enable telehealth doctors to prescribe medication and give their patients a way to get it on the same day.

“Consumers don’t have to go to a pharmacy,” Afridi said. “They don’t have to have consultations. Their prescription just shows up at the end every month. It’s very convenient.”