PillPack raises $50M for online medication mailing service

By Aditi Pai
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PillPackManchester, New Hampshire-based virtual pharmacy PillPack has raised $50 million in a round led by CRV with participation from Accel Partners, Atlas Venture, Menlo Ventures, and SherpaVentures. This brings the company's total funding to $62 million dollars to date.

Existing investors include High Line Venture Partners, QueensBridge Venture Partners, and Founder Collective.

"In the last two years, we've built and launched a better, simpler pharmacy experience that folks absolutely love," PillPack CEO TJ Parker said in a statement. "With this funding, we're excited to expand our physical footprint across the country, enabling both increased capacity as well as opportunities for an even more delightful experience for our customers."

PillPack offers online and by-mail pharmacy services, which previously cost the user $20 per month, but are now free (other than the user’s copay). After a doctor eprescribes or faxes in a prescription, PillPack sends a customer all of his or her medications for the next 14 days, prepackaged by dose.

Using web tools, customers can monitor their shipments and add over the counter medications and vitamins to their orders. PillPack will also send the user a message asking if they need to update medications before each shipment so they can make any necessary changes. Users can see how much their meds cost, and how much their insurance contributes. PillPack customers also have 24-7 access to their pharmacist by phone if they have any concerns with their medication. And the service accepts most drug insurance plans, including many Medicare plans.

Since the company launched in February 2014, PillPack has shipped more than 1 million dose packs. At the time of the company's commercial launch, they also announced that they had raised $4 million. The company raised another $8.8 million in October 2014. PillPack is currently available in 47 states.