RxRevu, a provider of medication cost transparency solutions to identify cost-saving opportunities on prescription drugs, closed its Series B funding round of $7 million.
JAZZ Venture Partners led the funding round with additional investments from existing strategic health system partners.
RxRevu says since launching SwiftRx in April of 2019, the company has sent over 6 million alternatives and over 3 million restrictions, giving providers key data points to help in their prescription decision making.
“We are on a mission to bring prescription price transparency to every provider across the country,” said Carm Huntress, CEO, and Co-founder of RxRevu. “While we have already reached 2,000 hospitals in less than two years, we are quickly growing our network and focusing on bringing additional data to providers so they can make more informed value-based decisions. Across the last year, we have been able to work with the largest EHR vendors to reach providers at scale and have increased our PBM coverage network to over 150 million insured individuals.”
Including the latest funding round, RxRevu has raised $28 million to date. The company plans to use new funds to develop its prescription pricing platform SwiftRx.
RxRevu previously raised $15.9 million in a Series A round in 2019.
“It’s rare for us to find a digital health startup that has reached this level of scale in such a short period of time while being incredibly capital efficient. Reaching over 150,000 prescribers in less than a year is a huge achievement and speaks to RxRevu’s unique strategy and exceptional team,” said Andrew Firlik, managing partner at JAZZ Venture Partners.
Digital Health companies raised a whopping $14.8 billion in funding in 2020. The funding increased by 66% compared to $8.9 billion in 2019.