Phil, an online prescription medicine ordering platform, announced a $56 million Series D funding round.
Warburg Pincus, a growth investor, led the round. Phil said: the investment enables it to accelerate the development of innovative products while supporting the growth of its customers.
As part of the investment, Fred Hassan, Director at Warburg Pincus, will join the company’s board of directors. “Phil is well-positioned to help pharmaceutical manufacturers address the challenge of efficient prescription management through its innovative platform that has been successfully deployed at some of the largest pharmaceutical companies across the United States,” said Fred Hassan, Director, Warburg Pincus.
Phil enables users to place an order for one or more prescription medications and acts as a prescription management platform. The platform also streamlines and simplifies complex, distributed workflow spanning patients, prescribers, pharmacies, insurers, and manufacturers.
Including the latest funding round, Phil has raised over $100 million to date. “The increasing demand for cost-effective, technology-enabled solutions, paired with the shift towards specialty medications in the go-forward pharmaceutical pipeline has enabled Phil to emerge as a disruptor in the space, providing a differentiated business model, grounded in modern technology,” said Andrew Park, Managing Director, Warburg Pincus.
Andrew Park added: “We believe our investment will help advance Phil’s technology roadmap and are excited to partner with Deepak and the company in its next phase of growth.”
“As the only technology-powered, full-suite solution addressing the specialty pharmaceuticals market, Phil uniquely provides an integrated suite of solutions to replace the historically complex and cost-prohibitive process of deploying ‘hub’ services. With the goal to become the gold standard for pharmaceutical access, affordability, and distribution, this investment enables us to accelerate our growth at a rapid pace and serves as a well-deserved recognition of our entire team’s commitment over the past six years,” said Deepak Thomas, Founder, and CEO of Phil.
Digital health companies raised $7.2 billion in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report. Recently, Nayya, an online platform that helps employees find, book, and pay for the right health insurance plan, raised $37 million in a Series B financing round.