Digital pharmacy startups taking on industry giants CVS and Walgreens are securing sizable sums of money from investors.
New York City-based Medly Pharmacy scored a $100 million series B funding round co-led by growth equity firm Volition Capital and venture capital firm Greycroft with participation of Horsley Bridge and Lerer Hippeau.
Founded in 2017, Medly touts itself as a full-service pharmacy that provides on-demand, same-day prescription delivery and also validates and files insurance claims and works directly with patients to manage adherence to medication and refills.
Medly currently works with five pharmacies across New York, New Jersey, Pennsylvania, Maryland and Miami. With the investment, the company plans to expand to most major metropolitan cities in the next 18 months and will continue to invest in its technology, according to Chirag Kulkarni, Medly co-founder and chief marketing officer.
Since its inception, Medly has grown 100 times in revenue, added 15,000 providers and 50,000 patients, and delivered over 500,000 prescriptions.