Digital pharmacy Capsule has scored $200 million in new funding. The latest round was led by TCV with participation from Thrive Capital and Glade Brook Capital.
WHAT THEY DO
The company offers hand-delivered same-day medication drop off to its customers. After a physician writes the prescription for the medication, the patient will get a text from Capsule enabling them to schedule delivery. Capsule works with a patient’s insurance and can let the customer know how much the copay is before checking out. Users can also speak to a pharmacist.
The company promises to deliver the medication to anyone in New York City within two hours of the interaction. The platform lets patients transfer their refills from their old pharmacies to Capsule. Doctors can also e-prescribe to Capsule right away.
WHAT IT’S FOR
The startup plans to put the new cash towards building its New York services and expanding to other locations. Currently the service is only available in NYC.
Perhaps the most well-known digital pharmacy is PillPack, which was acquired by Amazon in June of 2018 for close to $1 billion. PillPack delivers medications in pre-sorted dose packaging, coordinates refills and renewals and ensures that shipments are sent on time, according to a statement. The service targets people who take multiple daily prescriptions.
It hasn’t all been smooth sailing since the acquisition. Surescripts, an electronic prescribing company, cut off its relationship with ReMy Health, a third party that provides PillPack with information about medication lists and patient safety, according to a CNBC report. This means that PillPack patients now will have to manually fill out their prescriptions.