NowRx — an online pharmacy specializing in same-day, same-hour prescription deliveries — announced a $7 million Series A round raised through crowdfunding platform SeedInvest. The company said in a statement that it will use the new backing to continue developing its technology, and expand its service to additional areas within California.
"This crowdfunding round provides fantastic validation of the NowRx story and enables us to expand our on-demand pharmacy service to additional markets while advancing our core technology,” NowRx CEO Cary Breese told MobiHealthNews in an email.
The app-based NowRx platform handles patients’ prescriptions directly from the provider. Patients are contacted to confirm their copay, and then consult with a pharmacist via video chat. From there, the medications are delivered directly to the patient’s door.
The company noted in its announcement that its $7 million was SeedInvest’s largest healthcare crowdfunding round yet.
What’s the impact
In a statement, Breese directly attributed his company’s crowdfunding success to the market’s appetite for a fast-paced pharmaceutical deliveries. Specifically, the company touts its capacity to fulfill these expedited orders at a low cost due to a business model employing automation and low fixed overheads.
Making these deliveries for free during the same day they are ordered, or even within the same hour with an additional $5 fee, can improve outcomes for illnesses that benefit prompt treatment.
What’s the trend
Virtual pharmacies have been enjoying support lately from a number of avenues. Likely the highest-profile example is Amazon’s recent acquisition of PillPack, reportedly for just under $1 billion. Closer to NowRx’s model is New York City’s Capsule, which also offers same-day delivery and recently brought in a $50 million Series B investment.