Truepill, an online pharmacy powering delivery for the likes of hims & hers, Nurx, LemonAID, and other direct-to-consumer healthcare brands, closed a $25 million Series B funding round.
Investors include TI Platform Fund, Optum Ventures, Initialized Capital, and Sound Ventures.
With the latest funds, the company will serve the increasing demand from its broad base of customers. In addition to growing its B2B business, Truepill will continue to invest in its consumer health brands companies, including Ahead, a modern mental healthcare startup specializing in adult ADHD treatment, and Eve, a UK-based women’s health company according to the company.
The San Mateo-based startup is currently active in all 50 states and has delivered 1 million subscriptions for birth control, erectile dysfunction medication, hair loss treatment, and other prescription pills directly to customers’ doorsteps via standard mail.
The company works with health plans, pharmaceutical manufacturers, and consumer health brands. Its direct-to-patient model includes nationwide prescription fulfillment and delivery, a US-based network of licensed telehealth providers, white label packaging, product design, and API technology.
“The healthcare industry is facing the most rapid period of change in our lifetime. From consumer healthcare startups to established industry leaders, everyone has been forced to rethink patient care and redesign their business around access and convenience,” said Umar Afridi, Truepill Co-founder, and CEO. “While COVID-19 has expedited this reality for many companies, Truepill has been building with a patient-first perspective from day one. We’ve created an end-to-end solution that enables our partners to deliver truly accessible and streamlined patient care.”
Truepill has raised over $39 million in venture capital funding since its founding in 2016. Existing investors include YCombinator, Tuesday Capital, Amity Ventures, Funder’s Club, Slow Ventures, Joe Montana, NLI Strategic Investment Fund, and others.
According to Mercom Q2 2020, Digital Health Funding and M&A Report, digital health companies in the first half (1H) of 2020 raised $6.3 billion. Funding activity was up by 24% during 1H 2020, compared to $5.1 billion raised in 1H 2019.
Image Credit: Truepill