Medly Pharmacy, a Brooklyn-based startup that provides prescription delivery and pharmacy support, announced Tuesday it closed on a $100 million Series B round co-led by Volition Capital and Greycroft.
As the COVID-19 pandemic rages on, digital healthcare has been getting renewed interest from investors. Companies like Doctor on Demand, Tyto Care and Medici have received tens of millions of dollars in just the last few months, promising to do their part to ensure patients get the care they need from the safety of their homes.
Founded in 2017 by industry veterans Marg and Sahaj Patel, Medly claims to be a “full-service” pharmacy, providing free prescription delivery from its locations in New York, New Jersey, Pennsylvania, Maryland and Miami. The company also handles insurance claims and allows users to consult directly with pharmacists about things like medication side effects and prescription refills.
In the last three years, Medly says it has delivered more than 500,000 prescriptions and grown 100x in revenue, “reshaping the pharmacy industry” along the way according to Greycroft partner and co-founder Ian Sigalow.
“We are going through a major shift in consumer behavior, especially in critical sectors in 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,” Sigalow said in a statement.
This new funding will be used to expand the company’s platform, help the company enter into new markets and develop new services for its patients and partners.