Medly Pharmacy, a New York-based digital pharmacy startup, raised $100 million in funding. Since the company was founded in 2017, it has expanded its operations to New Jersey, Pennsylvania, Maryland and Miami.
The new funds will be used to expand to new markets and build out Medly’s platform.
The company touts free prescription delivery for patients, sometimes within the same day. Instead of mailing prescriptions, the company uses a network of delivery drivers to drop off scripts from its pharmacies to patients’ homes. To date, it has fulfilled 500,000 prescription deliveries. The company also some brick-and-mortar storefronts.
Siblings Marg Patel and Sahaj Patel started the company three years ago after running their own independent pharmacies in New York.
“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,” CEO Marg Patel said in a news release. “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.”
The Covid-19 pandemic has drawn more attention to delivery services, whether it be for groceries or prescriptions. In March, Medly struck a partnership with nonprofit health insurer EmblemHealth to offer free prescription delivery for its 3.2 million members in the New York tri-state area.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Greycroft and Volition Capital led the company’s series B round. Horsley Bridge and Lerer Hippeau also participated in the funding round.
“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,” Greycroft co-founded and partner Ian Sigalow said in a news release.
The company was an early investor in Medly, leading a series A last year for an undisclosed amount.
Photo credit: Getty Images, photo_chaz
