ePrescribing Platform DrFirst Secures $50 Million in Funding

DrFirst, a provider of e-prescribing, price transparency, and medication management solutions, collected an additional $50 million equity investment from Sixth Street Growth.

As part of the investment, Sixth Street Growth principal Lee Mooney has joined DrFirst’s board of directors.

DrFirst has raised $135 million to date, including a $35 million investment round in 2019.

The company plans to use the latest funds to accelerate its business growth. “The follow-on investment from Sixth Street Growth signals their deep commitment to DrFirst as we continue to bring practical, collaborative tools to market that solve daily problems among healthcare stakeholders, including clinicians, patients, hospitals, ambulatory practices, pharmacies, and payers,” James Chen, CEO, and chairman of DrFirst, said in a statement.

“We’re also thrilled to have Sixth Street join our Board as an innovation-minded partner that understands the value and impact of secure information sharing in improving patient outcomes.”

DrFirst provides a range of software solutions for stakeholders across the healthcare spectrum, including providers, payers, and life science companies. The company offers products for e-prescribing, medication management, care collaboration, medication adherence, and price transparency.

According to DrFirst, its e-prescribing solutions are used by nearly 300,000 healthcare professionals, including more than 100,000 prescribers and more than 1,400 hospitals in the U.S. and Canada.

“Software that improves healthcare workflows has been a long-term theme for our team, and DrFirst stands out as a scaled and differentiated enterprise technology platform providing high-quality, user-friendly technology solutions,” said Michael McGinn, partner, and co-head of Sixth Street Growth. “Their offerings help physicians provide better, more informed care, which ultimately accrues to the benefit of patients and all healthcare stakeholders.”

Digital Health companies raised a record $7.2 billion in VC funding in Q1 2021. Xealth – a digital prescribing platform that enables physicians and clinicians to prescribe customized digital healthcare content such as exercise programs, educational videos, apps, and services – secured $6M in the latest funding round.