Truepill: $75 Million In Funding And Nearly $200 Million In Annual Revenue

By Amit Chowdhry ● September 12, 2020
  • Truepill — a healthcare services company that is known for offering telehealth and pharmacy fulfillment — made a couple of major announcements this week. These are the details.

Truepill — a healthcare services company that is known for offering telehealth and pharmacy fulfillment — made a couple of major announcements this week. The company said it was launching an at-home medical testing service to facilitate products offered by companies like Hims and Hers, Nurx, and GoodRx. And the company also announced a new $75 million round of funding led by Oak HC/FT with participation from Optum Ventures, TI Platform Management, Sound Ventures and Y Combinator.

“With the change in reimbursement for telemedicine, it changed the trajectory of the direct to consumer companies,” said Annie Lamont, the co-founder and managing director of new lead investors Oak HC/FT via TechCrunch. “When we talked to every one of them they all seemed to be using Truepill .”

Interestingly, Truepill’s co-founders Umar Afridi and Sid Viswanathan met through LinkedIn when Viswanathan cold-emailed Afridi. During that time, Afridi was working as a pharmacist filling prescriptions at a Fred Meyer location near Seattle.

Truepill’s growth originally began by acting as a pharmacist to companies like Hims, Nurx, and other several other direct-to-consumer healthcare companies. Through these relationships, Truepill is on track to hit $200 million in revenue. Along with direct-to-consumer companies, Truepill’s customers also include insurance companies and healthcare providers.

“Everything we do is white labeled from our pharmacy to the lab testing component. You can go to teladoc and use that service… We like to think early. 80% of healthcare is going to happen on a digital channel. We’re in a perfect position to build the platform company in that space,” said Viswanathan via TechCrunch.

The at-home testing service that will be offered by Truepill by the end of the year will be powered through the company’s relationships with lab testing providers. Truepill is going to focus on the tests that manages chronic conditions such as heart disease, diabetes, and kidney disease.

“To create a comprehensive, effective digital healthcare experience, there are three essential pillars: pharmacy with extensive insurance coverage, at-home lab testing, and telehealth,” added Viswanathan. “By adding diagnostics to our suite of solutions, we’ll be able to deliver direct-to-patient healthcare at scale through one platform – Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality.”