Medly Pharmacy, a Brooklyn, NY-headquartered digital pharmacy, has raised $100 million in a series B round of funding co-led by Greycroft and Volition Capital.
The raise comes amid a boom in digital health care, due in large part to social distancing measures enforced by the COVID-19 crisis. Founded in 2017, Medly touts itself as a “full-service” pharmacy that validates and files insurance claims, coordinates prescription deliveries, and works directly with patients to manage adherence to medication, side effects, and refills.
Medly raised an undisclosed amount in its series A round last year, and with its fresh cash injection the company is well-financed to infiltrate the $500 billion U.S. drug prescription market and build on its existing user base of 15,000 providers and 50,000 patients. Medly currently works with five pharmacies across New York, New Jersey, Pennsylvania, Maryland, and Miami, and it is now looking to expand into new locations across the U.S.
Truepill, which is also expanding into telehealth, raised $25 million last week. Other rivals that have secured sizable sums over the past few months include Medici, which is like a WhatsApp for remote medical care, and Tyto Care, which offers a telehealth examination and diagnostic platform. Other players in this sphere include the mighty Amazon, which acquired online pharmacy PillPack back in 2018.