Alchemy Raises $31M Seed Financing from Earvin "Magic" Johnson, Andreessen Horowitz and Others to Build and Operate In-house Pharmacies for HIV Clinics

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Oct 15, 2024, 08:30 ET

Funding will drive expansion into new states and broaden company's offering to include mobile clinic programs, making essential services available to more underserved communities

SAN FRANCISCO, Oct. 15, 2024 /PRNewswire/ -- Alchemy today announced the closing of its $31M seed financing. The round was led by Andreessen Horowitz ("a16z") Bio + Health with participation from Earvin "Magic" Johnson, Sandberg Bernthal Venture Partners, Banc of California and existing investors Twine Ventures, Springbank and AlleyCorp. Alchemy provides the entire physical, clinical, and digital infrastructure needed to build, operate and grow in-house pharmacy programs with a focus on serving clinics with large HIV and Hepatitis C (HCV) patient populations.

HIV communities across the country have long been underserved and have significant unmet needs. Alchemy is first partnering with Federally Qualified Health Centers (FQHCs), STD and Ryan White clinics to implement its platform that designs clinical pharmacy programs and deploys technology products that leverage the pharmacy to expand patient reach, improve health outcomes, and optimize the financial impact of a clinic's pharmacy program.

"Investing in Alchemy is deeply personal, not only as a person living with HIV, but because I've witnessed firsthand the devastating impacts of HIV in our communities. Alchemy's commitment to eliminating barriers to care and serving the underserved is a mission I'm proud to support," said Earvin "Magic" Johnson, Chairman and CEO at Magic Johnson Enterprises.

Alchemy's founding team has extensive clinical, pharmacy, technology, and operations experience. Collectively, they have spent 18 years in Africa building the largest HIV access program in the world, and they have set up, operated and scaled pharmacies that have dispensed over 25 million prescriptions to patients across all 50 states in the US.

"Having spent over a decade in Africa building the largest HIV access program in the world, I was shocked to learn that HIV medication adherence rates in Africa are better than they are here in the United States. I'm convinced that the number one barrier to medication access for HIV patients is the friction that exists in navigating the US pharmacy system," said Peter Park, founder and Co-CEO of Alchemy. "By bringing the clinic and the pharmacy into one location, we are providing unique solutions that meet the needs for HIV and HCV populations across the country."

Founded in 2023, Alchemy has seen exceptional demand and impact of its in-house pharmacy platform, including tripling the number of patients served at the first pharmacy launched in Oklahoma City for Equality Health. This financing will allow the company to accelerate growth and launch in-house pharmacy programs across 20 states over the next year. Alchemy will also expand its offerings to include a mobile clinic program and a digital platform to streamline pharmacy operations and patient communication.

"At a time when safety net clinics for patients are threatened, the industry needs solutions that provide technology-enabled, end-to-end support for these clinics to transform pharmacy access nationwide," said Julie Yoo, General Partner at a16z Bio + Health. "The Alchemy team has a proven track record building for challenging and underserved communities, and we're looking forward to supporting them as they partner with clinics to ensure vulnerable communities continue to have access to essential medications and services."

About Alchemy
Alchemy is on a mission to serve safety net clinics and their patients, starting with in-house pharmacies for Federally Qualified Health Centers (FQHCs), STD and Ryan White clinics. After setting up an in-house pharmacy, Alchemy designs and implements clinical pharmacy programs and deploys technology products that leverage the pharmacy to expand patient reach, improve health outcomes, and increase the financial impact of a clinic's pharmacy program. Learn more at www.alchemyhealth.com.

SOURCE Alchemy