Digital pharmacy Medly has announced a new Series A funding round led by Greycroft for an undisclosed amount.
WHAT THEY DO
The New York City-based startup provides same-day delivery of a patient’s prescription medication. A patient can have their provider send their prescriptions to the Medly platform.
Users can then book a time when it's easy for them to be home and sign for the prescription. Medly then sends a representative to the customer’s home with the medications.
Through the service, customers are also able to manage their refills and have these delivered in person as well. Medly will also communicate with providers and insurance companies to coordinate services.
Founded in 2017, the company now has 250 employees working out of the Brooklyn headquarters and the New Jersey satellite office. Right now the startup caters to customers in the greater New York and New Jersey area.
WHAT IT’S FOR
In a statement, the startup said it plans to use the infusion of funds to help it expand its services nationally.
“Our goal is to build a pharmacy first and layer technology as an enabler to help us provide the best customer experience possible,” Dr. Marg Patel, CEO and cofounder of Medly Pharmacy, said in a statement. “This Series A funding from Greycroft will allow Medly Pharmacy to expand its national presence and to continue providing our customers the best value on the market.”
With the consumerization of healthcare on the rise, clients are expecting ease and convience in services. That trickles down to how they get their medications, and startups are taking note.
One of Medly’s competitors in the space is Capsule, a same-day medication delivery platform, also based in New York City. Last year the company landed a whopping $50 million in Series B funding.
One of the most notable virtual pharmacies is Pillpack, which was acquired by Amazon in June of 2018 for just under $1 billion. Pillpack delivers medications in pre-sorted dose packages. It also coordinates refills and renewals and ensures that shipments are sent on time.
In a statement Medly said that humanizing the service and free sameday delivery helps the company stand out.
ON THE RECORD
“Greycroft is proud to invest in Medly Pharmacy,” Ian Sialo, cofounder & partner of Greycroft, said in a statement. “Medly Pharmacy has been very successful in its initial markets, and we believe there is a huge opportunity to build a national pharmacy chain that distinguishes itself through better customer service. We are happy to support, advise, and empower the team to build the best digital pharmacy in the United States.”