Medly Pharmacy, a Brooklyn, NY-headquartered digital pharmacy, has raised $100 million in a sequence B spherical of funding co-led by Greycroft and Volition Capital.
The increase comes amid a growth in digital well being care, due largely to social distancing measures enforced by the COVID-19 disaster. Founded in 2017, Medly touts itself as a “full-service” pharmacy that validates and recordsdata insurance coverage claims, coordinates prescription deliveries, and works immediately with sufferers to handle adherence to treatment, unwanted side effects, and refills.
Medly raised an undisclosed amount in its sequence A spherical final 12 months, and with its contemporary money injection the corporate is well-financed to infiltrate the $500 billion U.S. drug prescription market and construct on its current person base of 15,000 suppliers and 50,000 sufferers. Medly at the moment works with 5 pharmacies throughout New York, New Jersey, Pennsylvania, Maryland, and Miami, and it’s now trying to increase into new places throughout the U.S.
Truepill, which can also be increasing into telehealth, raised $25 million final week. Other rivals which have secured sizable sums over the previous few months embody Medici, which is sort of a WhatsApp for distant medical care, and Tyto Care, which presents a telehealth examination and diagnostic platform. Other gamers on this sphere embody the mighty Amazon, which acquired on-line pharmacy PillPack again in 2018.