Medly Pharmacy Raises $100M Series B to Accelerate Growth in Digital Pharmacy Services
NEW YORK, July 14, 2020 /PRNewswire/ — Medly Pharmacy (Medly), an industry-leading full-service digital pharmacy, today announced the close of their $100M Series B funding round co-led by Boston growth equity firm Volition Capital and seed-to-growth venture capital firm Greycroft with participation of Horsley Bridge and Lerer Hippeau.
Launched in 2017, Medly has quickly grown into a category-leading digital pharmacy known for continuously innovating and setting the leading edge of the fast-growing $500B digital pharmacy segment. Medly has invested heavily in customer experience as well as the underlying pharmacy technology that creates value for stakeholders across the entire healthcare ecosystem. Since its inception, Medly has grown 100X in revenue, added 15,000 providers, 50,000 patients, and delivered over 500,000 prescriptions. The company has a net promoter score of 87, which is 4.5 times greater than the average pharmacy.
“We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services,” said Marg Patel, CEO and Co-Founder of Medly. “We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies.”
With the investment, Medly will continue to expand its platform, enter new markets, and provide category-leading services to patients and partners across the country. The company’s hybrid pharmacy model is well-positioned to meet new customer needs, especially as healthcare technology and innovation have come directly into focus in response to coronavirus.
“We are going through a major shift in consumer behavior, especially in critical sectors like healthcare and pharmacy. Both consumers and medical providers are prioritizing digital access to pharmacy services, and innovators like Medly are well-positioned to lead the market through this unprecedented shift,” said Ian Sigalow, Co-founder and Partner of Greycroft. “We are excited to expand on our early investments in Medly and support Marg and team as they invest in their category-leading platform, meet new demands, and reshape the pharmacy industry.”
Medly provides no-cost prescription delivery to customers’ homes from its branded physical retail locations, which also accommodate walk-in patients. Medly maximizes convenience and personalized service, enabling customers to schedule their own delivery window, consult with pharmacists, and manage their prescriptions directly from a desktop or mobile app.
“Digital and Internet-enabled services continue to disrupt every consumer category and the legacy healthcare industry is no exception,” said Larry Cheng, Co-founder and Managing Partner at Volition Capital. “Medly is driving impressive results led by the founders’ strategic decision making which has enabled strong customer traction and a competitive market position. We believe Medly’s value proposition as an outcome-driven pharmacy will only continue to increase as more health systems transition to digital-based models of care.”
Founded in 2017 by second-generation pharmacy owners Marg and Sahaj Patel, Medly has experienced exponential revenue and customer growth since inception, with success driven by the founders’ nuanced understanding of the industry’s complexities and pain points coupled with their deep clinical expertise in dispensing specialty and retail prescription drugs.
For more information about Medly or for press inquiries, please email press@medlypharmacy.com, or visit www.medlypharmacy.com.
About Medly Pharmacy
Medly Pharmacy is a full-service, digital pharmacy under parent company Medly Health that offers free same-day prescription delivery. Combining dedicated customer service with two generations of pharmacy expertise, Medly works with providers and patients to personalize every aspect of the care journey. More information can be found at https://medlypharmacy.com.
About Volition Capital
Volition Capital is a growth equity firm that principally invests in high growth, founder-owned companies across consumer, software, and Internet sectors. The firm selectively partners with founders to help them achieve their fullest aspirations for their business. Volition’s focus is investing in founder-owned, capital-efficient companies including such industry leaders as Chewy, Globaltranz, iPipeline, Arteza, Burst Oral Care and Recycle Track Systems (RTS) . For more information, visit http://www.volitioncapital.com.
About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative companies. We have deep experience in both consumer and enterprise technology and have made over 300 investments, including Acorns, Bird, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. For more information visit www.greycroft.com.
About Horsley Bridge
Horsley Bridge Partners (“HBP”) has been investing with the world’s leading private equity funds since 1983. Our track record of success reflects a highly focused strategy – the pursuit of top investment opportunities with outsized return potential. We measure ourselves not only by the returns earned, but by the integrity of our process and the longstanding relationships built with our clients, investment partners, and peers.
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SOURCE Medly Pharmacy
