Truepill raised its largest investment to date, a $25 million Series B that will enable the 4-year-old company to continue expanding its pharmacy fulfillment business.
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Truepill works with health plans, pharmaceutical manufacturers and consumer health brands by providing a business-to-business model for building direct-to-patient experiences from the ground up or a pharmacy fulfillment partner to complement its own program.
A lead investor was not disclosed, however, TI Platform Fund, Optum Ventures, Initialized Capital and Sound Ventures participated in the funding round. It gives the San Mateo, California-based Truepill $39 million in total funding since it was founded in 2016, Umar Afridi, Truepill co-founder and CEO, told Crunchbase News. The company last raised funds in 2019, a $10 million Series A investment led by Initialized Capital, according to Crunchbase data.
The investment comes at a time where Afridi said he sees everything in the health care industry coming together, driven in no small part by COVID-19. Regulators are allowing more health care to be done via telemedicine, which is now being widely adopted, and Truepill’s founders think medication being prescribed and delivered should be just as widely available.
“So many problems can be solved using technology, but as we worked on the pharmacy component, we realized there was a broader problem of care still being fragmented,” Afridi said. “We are moving toward a full suite of tools that provide better access, cost transparency and make it easier for patients to get medication.”
With this new investment, Truepill will meet increasing demand from its customers by expanding its product offerings, as well as adding to its telehealth doctor network. Most of the company’s customers already have a telehealth component, so they will work with them to incorporate the pharmacy aspect, Afridi said.
“We have earned $200 million in revenue, double what we did last year,” Afridi said. “We have over 300 employees now, and will continue to add more people as we scale.”
Sid Viswanathan, Truepill’s co-founder and president, said demands on the company have changed in the last three months. He said they have been in the biggest months in the history of the company.
“That validates the need for us,” Viswanathan added. “We believe more than 80 percent of health care visits will be performed using telehealth or a digital experience, and our vision is to think about what the infrastructure piece will be to support that.”
Illustration: Li-Anne Dias