- Digital pharmacy company Medly Pharmacy announced that it has raised $100 million in Series B funding co-led by Volition Capital and Greycroft
Digital pharmacy company Medly Pharmacy announced that it has raised $100 million in Series B funding co-led by Volition Capital and Greycroft with participation of Horsley Bridge and Lerer Hippeau. With this funding round Medly will continue to expand its platform, enter new markets, and provide category-leading services to patients and partners across the country.
Medly has quickly grown into a category-leading digital pharmacy known for continuously innovating in the $500 billion digital pharmacy market since it launched a few years ago. And Medly has invested heavily in customer experience as well as the underlying pharmacy technology that creates value for stakeholders across the entire healthcare ecosystem. Since launching, Medly has grown 100x in revenue, added 15,000 providers, 50,000 patients, and delivered over 500,000 prescriptions. And the company has a net promoter score of 87 — which is 4.5x greater than the average pharmacy.
Plus Medly provides no-cost prescription delivery to customers’ homes from its branded physical retail locations — which also accommodate walk-in patients. And Medly maximizes convenience and personalized service, enabling customers to schedule their own delivery window, consult with pharmacists, and manage their prescriptions directly from a desktop or mobile app.
Launched in 2017 by second-generation pharmacy owners Marg Patel and Sahaj Patel, Medly has seen exponential revenue and customer growth since inception with success driven by the founders’ nuanced understanding of the industry’s complexities and pain points coupled with their deep clinical expertise in dispensing specialty and retail prescription drugs.
Key Quotes:
“We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services. We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies.”
— Marg Patel, CEO and Co-Founder of Medly
“We are going through a major shift in consumer behavior, especially in critical sectors like healthcare and pharmacy. Both consumers and medical providers are prioritizing digital access to pharmacy services, and innovators like Medly are well-positioned to lead the market through this unprecedented shift. We are excited to expand on our early investments in Medly and support Marg and team as they invest in their category-leading platform, meet new demands, and reshape the pharmacy industry.”
— Ian Sigalow, Co-founder and Partner of Greycroft
“Digital and Internet-enabled services continue to disrupt every consumer category and the legacy healthcare industry is no exception. Medly is driving impressive results led by the founders’ strategic decision making which has enabled strong customer traction and a competitive market position. We believe Medly’s value proposition as an outcome-driven pharmacy will only continue to increase as more health systems transition to digital-based models of care.”
— Larry Cheng, Co-founder and Managing Partner at Volition Capital
