On-demand pharmacy startup NowRx raises $7 million Series A round through crowdfunding
NowRx, an on-demand pharmacy solution of sorts, just closed a $7 million Series A round via the SeedInvest crowdfunding platform. The company had previously raised a $3 million seed round.
As the on-demand industry flourished and NowRx co-founder Cary Breese surrounded himself with people from the pharmacy industry, Breese said it became clear to him that there was “no reason why [an on-demand pharmacy] can’t work.”
Launched in 2016, NowRx is a full-fledged on-demand pharmacy solution. Though, it’s technically more of an on-demand prescription medication startup that functions using what it describes as a virtual pharmacy. Since its launch, NowRx has delivered more than 50,000 prescriptions from 1,900 doctors. With 8,500 customers, NowRx does about $5 million a year in annual revenue.
NowRx, which is licensed to fill prescriptions in California and certified via the SureScripts pharmacy management software, enables doctors to electronically fill prescriptions for on-demand delivery in the San Francisco Bay Area (not, however, in the city of SF). Patients can then either request free same-day or one-hour delivery for $5.
With the additional funding, NowRx plans to expand outside of California late next year or early 2020. In order to do that, it will need to open new warehouses and pharmacy facilities.
Breese said he went the crowdfunding route because the terms are better, he didn’t have to give up a board seat, and there were no onerous entrepreneurial adverse terms.
Source: TechCrunch
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