PillPack Raises $50 Million to Build Retail Footprint and Accelerate Growth
New Investor CRV Leads Round to Push for a Better Pharmacy
BOSTON, June 3, 2015 /PRNewswire/ -- PillPack, the pharmacy that simplifies medication management, today announced it has completed a $50 million round of financing led by CRV with participation from Accel Partners, Atlas Venture, Menlo Ventures, and Sherpa Ventures. The capital will be used to fuel growth, accelerate the hiring of a world-class team, and build retail pharmacies in US markets.
"In the last two years, we've built and launched a better, simpler pharmacy experience that folks absolutely love," says TJ Parker, PharmD, CEO of PillPack. "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."
PillPack is a full-service pharmacy designed to simplify the process of managing multiple medications through a combination of personalized service, convenient packaging, and technology. PillPack ships personalized rolls of pre-sorted prescriptions, vitamins, and OTCs, in individual packs, and the company manages refills for customers by proactively coordinating with physicians and insurance providers.
PillPack has seen tremendous growth, shipping more than 1 million dose packs since the company's launch in February 2014. According to research from the Centers for Disease and Prevention (CDC), 22 percent of Americans take three or more medications regularly.
"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," says George Zachary, partner at CRV. "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."
Zachary will take a director seat on the PillPack board, joining Fred Destin from Accel Partners, Jon Karlen from Atlas Venture, and David Frankel from Founder Collective. PillPack has raised $62 million dollars to date.
PillPack is currently available in 47 states. The company accepts most prescription drug insurance plans, including a majority of Medicare Part D plans. New customers can sign up online at www.pillpack.com.
About CRV
Founded in 1970, CRV (formerly Charles River Ventures) has been a leading investor in early-stage technology companies for more than forty years. CRV's partners, all of whom are experienced entrepreneurs and operators, are focused on helping to build world-changing companies that create tremendous value. CRV has recently led early investments in some of the biggest consumer and enterprise tech companies including Twitter, Yammer, Zendesk, and more. CRV has offices in Cambridge, Mass. and Menlo Park, Calif. For more information, please visit www.crv.com.
About PillPack
PillPack is a full-service pharmacy that delivers a better, simpler experience through convenient packaging, modern technology, and personalized service. PillPack has earned Verified Internet Pharmacy Practices Sites® accreditation through the National Association of Boards of Pharmacy® (NABP®). For more information, please visit PillPack.com or follow us @PillPack. Switching to PillPack takes about five minutes. New customers can sign up online at www.pillpack.com. PillPack accepts most prescription drug insurance plans, including most Medicare Part D plans.
Contact: Victor Wang, [email protected]
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SOURCE PillPack
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