Medly Pharmacy Lands $100M Series B For Prescription Delivery Platform

Medly Pharmacy closed on a $100 million Series B round of funding co-led by Volition Capital and Greycroft, the company said Tuesday in a written statement.

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The New York-based digital pharmacy was founded in 2017 by Marg Patel and Sahaj Patel and offers free, same-day prescription delivery.

Joining Volition and Greycroft in the investment were Horsley Bridge and Lerer Hippeau. Greycroft led Medly’s Series A in June 2019, but the amount was not disclosed, according to Crunchbase data.

The new funding will be used to expand its platform, enter new markets and develop new services for patients and partners so customers can continue to access their prescription drugs in a way that is best for them, the company said.

Medly said it is going after the global e-pharmacy market, estimated to be $107.5 billion by 2025, according to Zion Market Research, where the sector is gaining attention. Last week, I reported on Truepill’s $25 million Series B for its pharmacy fulfillment business. Another in the news recently was Zipdrug, which was acquired by IngenioRX last week.

In the past three years, Medly has grown 100 times in revenue, added 15,000 providers, 50,000 patients and delivered more than 500,000 prescriptions, the company said.

Ian Sigalow, co-founder and partner of Greycroft, said in a written statement that Medly is “reshaping the pharmacy industry.”

“We are going through a major shift in consumer behavior, especially in critical sectors like healthcare and pharmacy,” Sigalow said. “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.”

Illustration: Dom Guzman