PillPack, a pharmacy that produces packets of multiple medications to make it easier to comply with care plans, has raised a fresh round of capital, according to a company statement. It wants to use the $50 million fundraise to support a push to supplement its mail-order business with a bricks and mortar presence by opening up retail pharmacies in major cities around the U.S.
It currently has a distribution center in Manchester, New Hampshire but it plans to open its first retail pharmacy by the end of the year, though it hasn’t finalized the location, spokesman Victor Wang said in an email.
CRV — Charles River Ventures, a new investor, led the financing round In addition to CRV, other new investors include Menlo Ventures and Sherpa Ventures. Accel Partners and Atlas Venture also participated in the round. To date, PillPack it’s raised $62 million.
In response to emailed questions, the company said it expects to use the funding to add more customer service, engineering, operations staff.
Each shipment includes a medication label that explains what each pill is and how it should be taken. PillPack also coordinates refills and guarantees shipping of all medications on time, according to its website. Customers can track their shipments, refills and co-pays online.
Since its launch in February last year, PillPack has shipped more than 1 million dose packs, according to the statement. It’s currently available in 47 states.
The idea for Pillpack was initially created at MIT’s Hacking Medicine event. Last year, TIME magazine highlighted the company as one of the year’s best inventions.
