Digital pharmacy PillPack may open storefront near you

BOSTON — Pharmacy startup PillPack is looking to augment its online pharmacy operation with brick-and-mortar locations with the infusion Wednesday of $50 million in financing led by CRV with participation from Accel Partners, Atlas Venture, Menlo Ventures and Sherpa Ventures. 

 

In addition to establishing a retail footprint in the U.S. market, the capital will be used to fuel growth and attract high-caliber talent, the company stated. 

 

"In the last two years, we've built and launched a better, simpler pharmacy experience that folks absolutely love," stated TJ Parker, CEO of PillPack. "With this funding, we're excited to expand our physical footprint across the country, enabling both increased capacity as well as opportunities for an even more delightful experience for our customers."

 

PillPack is a full-service pharmacy designed to simplify the process of managing multiple medications through a combination of personalized service, convenient packaging and technology. PillPack ships personalized rolls of pre-sorted prescriptions, vitamins and OTCs, in individual packs, and the company manages refills for customers by proactively coordinating with physicians and insurance providers.

 

PillPack has seen tremendous growth, shipping more than 1 million dose packs since the company's launch in February 2014. 

 

"In the last ten years, nearly every industry has been modernized to cater to its customers through convenience, service and simplicity. Surprisingly, the pharmacy experience has been completely overlooked," said George Zachary, partner at CRV. "I was drawn to PillPack because they've taken on this challenge. Anyone who has to deal with the hassles of an in-person retail pharmacy can understand its value, especially people who have to manage multiple prescriptions of their own or for their loved ones. It's truly transformative."

 

Zachary will take a director seat on the PillPack board, joining Fred Destin from Accel Partners, Jon Karlen from Atlas Venture and David Frankel from Founder Collective. PillPack has raised $62 million dollars to date.

 

PillPack is currently available in 47 states. The company accepts most prescription drug insurance plans, including a majority of Medicare Part D plans.