Truepill Raises $142 Million Series D to Continue Transforming Consumer Healthcare
Funding round brings total investment to $256 million and valuation to $1.6 billion
SAN MATEO, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) — Truepill, the digital health platform connecting telehealth, diagnostics, and pharmacy to power the future of consumer healthcare, today announced the close of a $142 million Series D funding round, with participation from existing investors Initialized Capital and TI Platform Management. Truepill has raised $256 million in total funding to date, including a $75M Series C in August 2020. The round brings Truepill’s total valuation to $1.6 billion.
Since the company’s founding in 2016, Truepill has seen exponential demand for its consumer healthcare platform. When COVID-19 fundamentally disrupted the healthcare industry, the need for digital experiences soared and Truepill’s growth accelerated at an unprecedented rate. Over the last year and a half alone the company has experienced several milestones:
- Debuted two new core services – telehealth and diagnostics – alongside its existing pharmacy service, making Truepill the only platform to deliver all elements of digital healthcare within one platform
- Launched a COVID-19 wellness program, an end-to-end, customizable solution to enable a safe return to work, travel, school and more
- Launched Virtual Pharmacy, the first-ever white-labeled pharmacy e-commerce platform
- Expanded pharmacy fulfillment capabilities, opening multiple new facilities
- Shipped nearly 10 million prescriptions, processed nearly one million diagnostic tests and facilitated over 50,000 telehealth visits per week (to date)
- Powered programs for the nation’s leading health plans, employer groups, D2C health brands and pharmaceutical manufacturers
“When we started Truepill in 2016, we set out to revolutionize the patient experience from the backend and, in the process, created the defining platform for digital consumer healthcare,” said Umar Afridi, CEO and co-founder of Truepill. “No matter what program they’re building, our partners can pick the components they want, tailor a solution to their specific needs and scale up operations as they grow. Our flexible B2B model truly creates limitless possibilities for the future of consumer health, and we’re excited to continue deepening our work within the broader healthcare ecosystem.”
With the new investment, Truepill will focus on extending its reach and deploying its services across all facets of healthcare, working with health plans, health brands, pharmaceutical manufacturers, health systems, government agencies, employer groups, school systems and more. The company will also continue to grow its headcount, adding hundreds of roles across the entire organization, including engineering, business development, pharmacy and more. Truepill plans to open six new pharmacy and OTC fulfillment facilities by early 2022 in California, Illinois, Michigan, North Carolina, Ohio and Pennsylvania.
“The last year has made it abundantly clear that consumer-friendly health experiences are a universal need — whether you’re a healthcare company modernizing how you treat patients, an insurance provider looking to create better e-commerce offerings or simply an employer trying to create a safe work environment,” said Sid Viswanathan, president and co-founder of Truepill. “Now that Truepill’s infrastructure is firmly in place across telehealth, diagnostics and pharmacy, we are focused on partnering with companies of all shapes, sizes and specialties to build innovative healthcare programs — whether it’s insurance-backed DTC prescriptions, a return-to-office COVID-19 testing platform or beyond.”
Said Garry Tan, founder and managing partner at Initialized Capital, “every person on the planet needs and deserves better healthcare, and we believe the future is digital. Truepill’s technology has enabled a broad range of companies with telehealth, diagnostics, and pharmacy fulfillment solutions to deliver the best quality care and reimagine how consumers experience healthcare. We are proud to support Truepill’s mission to accelerate healthcare’s much-needed digital transformation, allowing companies to build innovative, accessible healthcare programs that address inefficient systems across the entire industry.”
To learn more about Truepill, visit truepill.com.
About Truepill:
Truepill is the digital health platform connecting telehealth, diagnostics, and pharmacy to power the future of consumer healthcare. Founded in 2016 with a unique B2B model, the company’s expansive suite of customizable, direct-to-patient solutions includes nationwide prescription fulfillment and delivery, a US-based network of licensed telehealth providers, an at-home lab testing network, white label packaging, product design and more. With seven owned and operated pharmacies, Truepill accreditations include URAC accredited mail order pharmacy, URAC accredited specialty pharmacy, NABP and Digital Pharmacy Accreditation. Learn more at www.truepill.com.
Contact
Emily Fox
press@truepill.com
