Truveris, a leader in pharmacy cost containment and program performance, announced it has raised $15 million in Series E investment led by two lead investors: Canaan Partners and New Leaf Venture Partners.
This funding will support Truveris’ next stage of corporate development and operational growth as it continues to deliver best-in-class pharmacy benefit solutions to employers nationwide. And Truveris’ proprietary technology platform replaces traditional PBM (pharmacy benefit manager) contracting and renewal models. Plus, it creates a transparent and dynamic competitive marketplace that drives significant savings on pharmacy pricing and improved contract terms.
Truveris’ technology also provides ongoing analysis of 100% of claims throughout the life of the contract to ensure contract compliance, enable program optimization, and satisfy fiduciary responsibilities.
KEY QUOTES:
“We are pleased by the continued commitment of Truveris’ current long-term investors, Caanan and New Leaf, to advancing the company’s success. This financing round represents a further validation of our industry-leading solutions and ongoing growth potential. We will continue to evolve the Truveris platform, and together with our valued business partners and clients, will transform and reduce pharmacy spend for employers and their plan members.”
– Nanette Oddo, Chief Executive Officer, Truveris
“What made Truveris unique since its inception has been its singular focus on using technology to address one of the biggest benefit challenges facing employers – escalating pharmacy spend. Truveris is ideally positioned to transform pharmacy contracting and oversight, providing transparency and control to employers while significantly reducing pharmacy spend for both employers and their plan members.”
– Stephen Bloch, General Partner, Canaan Partners
“There has never been more attention placed on PBM practices and the impact on pharmacy costs as there is right now. For years, Truveris has been at the forefront of developing technology to address the most pressing challenges in PBM management and cost containment. We are pleased to increase our investment in Truveris and extend our partnership to support the next chapter in the Company’s evolution.”
– Vijay Lathi, Managing Director at New Leaf Venture Partners
