What You Should Know:
– Medly Pharmacy raises $100M investment co-led by Volition Capital and Greycroft to propel Medly’s leadership in the $500B+ digital on-demand pharmacy market.
– Medly will use the funding to expand its digital on-demand pharmacy platform, enter new markets, and provide category-leading services to patients and partners across the country that is well-positioned to meet new customer needs.
Medly Pharmacy (Medly), an industry-leading full-service digital pharmacy, today announced the close of their $100M Series B funding round co-led by Boston growth equity firm Volition Capital and seed-to-growth venture capital firm Greycroft with the participation of Horsley Bridge and Lerer Hippeau.
A Better Pharmacy for Everyone
Founded in 2017 by second-generation pharmacy owners Marg and Sahaj Patel, Medly Pharmacy is a full-service, digital pharmacy under parent company Medly Health that offers free same-day prescription delivery. Combining dedicated customer service with two generations of pharmacy expertise, Medly works with providers and patients to personalize every aspect of the care journey.
No-Cost Prescription Delivery Model
Medly provides no-cost prescription delivery to customers’ homes from its branded physical retail locations, which also accommodate walk-in patients. Medly maximizes convenience and personalized service, enabling customers to schedule their own delivery window, consult with pharmacists, and manage their prescriptions directly from a desktop or mobile app.
Recent Traction/Milestones
Medly has quickly grown into a category-leading digital pharmacy known for continuously innovating and setting the leading edge of the fast-growing $500B digital pharmacy segment. Medly has invested heavily in customer experience as well as the underlying pharmacy technology that creates value for stakeholders across the entire healthcare ecosystem. Since its inception, Medly has grown 100X in revenue, added 15,000 providers, 50,000 patients, and delivered over 500,000 prescriptions. The company has a net promoter score of 87, which is 4.5 times greater than the average pharmacy.
With the investment, Medly will continue to expand its platform, enter new markets, and provide category-leading services to patients and partners across the country. The company’s hybrid pharmacy model is well-positioned to meet new customer needs, especially as healthcare technology and innovation have come directly into focus in response to coronavirus.
“We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services,” said Marg Patel, CEO and Co-Founder of Medly. “We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies.”
