Phil, a leading software-driven pharmaceutical commercialization platform, announced it has secured $60 million in growth debt financing from K2 HealthVentures.
Since its Series D round in 2021, Phil has achieved over 10 times prescription volume growth and ended 2024 with more than 150% year-over-year net revenue growth, while also becoming cash flow positive. The new financing positions Phil to further enhance its platform, improving patient access, affordability, and adherence to specialty medications.
Phil’s platform addresses the inefficiencies of traditional, call-center-based models by streamlining workflows for patients, prescribers, pharmacies, insurers, and manufacturers. And this has resulted in up to 6x higher adherence, 33% better affordability, and operations at one-tenth the cost of traditional hubs, making it ideal for the growing “specialty-lite” and retail therapy markets.
How the funding will be used: This funding will accelerate the integration of AI across Phil’s platform and support customer expansion into new therapeutic areas.
KEY QUOTES:
“In 2015, we set out to transform patient access—using software to break down barriers to novel, hard-to-obtain therapies. That bold idea has grown into a proven, scalable model that’s reshaping care delivery. Today, AI marks a new inflection point—one that can reimagine patient care at unprecedented scale. With this financing, capital is no longer a constraint, and we have the freedom to continue redefining digital access. For me and the entire Phil team, the road ahead has never been more exciting—for our patients and all who share in our vision.”
Deepak Thomas, Founder and CEO of Phil
“We’ve been consistently impressed by the Phil team’s disciplined focus on financial fundamentals—an essential foundation for any business that aims to do good at scale. We’re excited to provide what is likely the company’s final round of capital, supporting a team that is reimagining patient access with both ambition and operational excellence.”
Austin Sherwindt, General Partner at K2 HealthVentures
“When we invested in Phil in 2021, we believed deeply in the potential of technology-powered patient access. Four years later, the company has continued to scale with a growth trajectory that places it at the very top tier of healthcare technology businesses. We’re excited for what the future holds.”
Adam Krainson, Managing Director at Warburg Pincus
