Next-gen online pharmacy PillPack on Wednesday said it’s raised $50 million in funding for expansion, which will include adding retail pharmacies in the U.S.
PillPack ships personalized/pre-sorted medications that customers order online, and is based in Boston and Manchester, N.H. In a news release, CEO TJ Parker said the company is “excited to expand our physical footprint across the country.” The release didn't provide further specifics on PillPack's retail plans.
Here’s the full description that Rebecca Strong posted on the startup in November:
If you're one of the millions of Americans who takes more than one prescription, you know what a hassle it can be to fill, retrieve and sort all of them. That's where PillPack comes in: The service, which houses its design, engineering and marketing teams in Somerville, streamlines and simplifies the process by taking care of nearly every step for you, and then delivering the drugs right to your doorstep right on time. Customers not only get their personalized and pre-sorted medications, but also labels with the directions for each pill, as well as recyclable dispensers. ... the company [also] provides online tools for tracking shipments, refills and co-pays, and also makes it easy for users to email or call their pharmacist for help at any time.
Among other things, the funding marks the largest round to date for a graduate of the Techstars Boston accelerator program, in which PillPack took part in 2013. Localytics’ $35 million round in March had previously been the largest round for a Techstars Boston alum.
The new funding for PillPack was led by CRV, while Accel Partners, Atlas Venture, Menlo Ventures and Sherpa Ventures also participated. The startup has now raised $62 million in funding—also surpassing Localytics (which has raised $60 million in total) as the best-funded Techstars Boston grad.
PillPack disclosed that it has shipped more than 1 million dose packs since launching the service in February 2014. In the news release, CRV partner George Zachary said "nearly every industry has been modernized to cater to its customers through convenience, service, and simplicity. Surprisingly, the pharmacy experience has been completely overlooked."
"I was drawn to PillPack because they've taken on this challenge," said Zachary, who has joined the company's board. "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."
