CPE News (3.17.2022) – MedMe Health has announced the closing of a US $2.7 million seed round of financing led by M12, Microsoft’s venture fund, with participation from Graphite Ventures, Y Combinator and MaRS Investment Accelerator Fund (IAF).
New funding will support MedMe Health’s continued growth, product development and global expansion.
Founded by Purya Sarmadi, Rui Su, and Nicholas Hui, Toronto/Vancouver based MedMe Health is a virtual care and clinical services technology platform supporting pharmacy scheduling, documentation and management of clinical services at scale. Real-time patient engagement, streamlined workflows and automated documentation empower pharmacists to optimize pharmacy operations, build patient relationships and diversify revenue through clinical services.
To date MedMe Health has facilitated over 14 million unique patient interactions at more than 3,600 pharmacies including Rexall, Shoppers Drug Mart, Jean Coutu Group, Guardian, IDA, The Medicine Shoppe, Remedy’sRx, and Pharmasave.
photo credit: MedMe Health
News Release
Health Technology Start-up MedMe Health Secures $2.7 Million Seed Investment led by M12 – Microsoft’s Venture Fund
Investment to Support Global Availability and Company Expansion
TORONTO (PRWEB) March 17, 2022
MedMe Health, a virtual care and clinical services technology platform, today announced $2.7 million USD in seed funding led by M12, Microsoft’s venture fund, with participation from Graphite Ventures, Y Combinator and MaRS IAF. The investment supports the company’s continued growth, product development and global expansion.
“MedMe Health is building the operating system for the pharmacies of the future, transforming traditional dispensing locations into integrated community healthcare hubs,” said Purya Sarmadi, CEO and Co-founder at MedMe Health. “Legacy pharmacy software and workflows are optimized for retail drug dispensing. MedMe provides pharmacies with the technology and integrations they need to shift their operations and workflows toward accessible and efficient healthcare delivery while seamlessly harmonizing community pharmacists into the circle of care.”
MedMe Health is a web-based platform supporting pharmacy scheduling, documentation and management of clinical services at scale. Real-time patient engagement, streamlined workflows and automated documentation empower pharmacists to optimize pharmacy operations, build patient relationships and diversify revenue through clinical services. To date MedMe Health has facilitated over 14 million unique patient interactions at more than 3,600 pharmacies including Rexall, Shoppers Drug Mart, Jean Coutu Group, Guardian, IDA, The Medicine Shoppe, Remedy’sRx, and Pharmasave.
“At Rexall, we believe in empowering our pharmacy teams to spend less time doing administrative tasks, and more time providing advice to and caring for patients,” said Mona Sabharwal, SVP Pharmacy Services at Rexall. “New, innovative technologies like the MedMe platform are allowing us to streamline workflows, better connect with our patients, and create a more modern service offering for Canadians.”
“Today we’re proud to serve Canada’s largest pharmacy organizations and look forward to leveraging this funding to support practices worldwide as they navigate technological transformation,” said Sarmadi. “With our expansion in the US, we are keen to support pharmacies in offering expanded services, collaborative practice models, and bridging the primary care gap; particularly for those in communities with underserved or uninsured populations.”
In 2021 the platform helped pharmacies administer more than 544,000 flu shots, 2,220,000 COVID vaccine doses and more than 155,000 COVID tests. In December 2021 alone the platform booked 760,000 appointments.
“I am proud that MedMe chose M12 to lead its Seed round. The software platform transforms and scales pharmacy operations and is already demonstrating positive ROI for customers, mitigating pharmacy operations leakage and generating novel and critical opportunities for pharmacies and pharmacists to provide critically in-demand primary and clinical patient care,” said Priyanka Mitra, Principal at M12, Microsoft’s Venture Fund. “In the midst of the accelerated pace of change brought on by the global pandemic, pharmacies are trending towards becoming community health hubs of the future. MedMe’s capabilities are critical in the new normal, as seen by their incredibly high rates of adoptions by pharmacies and pharmacists across North America.”
“Two years ago we invested (through MaRS IAF) in the MedMe Health team on the vision of arming pharmacists with a set of next generation tools to deliver new clinical services. Fast forward to today, MedMe is quickly becoming an integral part of the modern pharmacy tech stack,” said Connor Edwards, Investor at Graphite Ventures. “It has been exciting to watch the company grow quickly and we’re lucky for the opportunity to support MedMe again with high conviction.”
MedMe Health is a Y Combinator W21 participant and was named a company to watch on the FoundersBeta 100 Tech Companies to Watch 2022 list. The company is actively hiring for roles in engineering, business development and customer success. Visit http://www.medmehealth.com for more information on career opportunities or to book a demo.
About MedMe Health
MedMe Health provides virtual care and clinical services technology to pharmacies modernizing their operations. The platform provides real-time patient engagement, streamlined workflows and automated documentation, empowering pharmacists to deliver clinical services at scale, build patient relationships and diversify revenue through clinical services management. MedMe Health serves more than 8 million unique patients and is trusted by more than 3,600 pharmacies across Canada. For more information visit http://www.medmehealth.com and follow us on Facebook and LinkedIn.
About M12
M12, Microsoft’s venture fund, invests in enterprise software companies primarily in the Series A through C funding stages with a focus on applied AI, business applications, infrastructure, security, and vanguard technologies. As part of its value-add to portfolio companies, M12 offers unique access to strategic go-to-market resources and relationships globally. M12 has offices in San Francisco, Seattle, London, Tel Aviv, and Bengaluru. https://m12.vc
About Graphite Ventures
Graphite Ventures is an early stage seeding for scale venture capital firm. Graphite invests in early-stage B2B SaaS, fintech, proptech, digital health and capital-efficient hardware companies. Founded in 2021 as an evolution of MaRS IAF, we are one of Canada’s most active and consistent VC firms, having invested in 175 companies over the past decade. For more information, please visit graphitevc.com , email us at hello@graphitevc.com, or follow @graphitevc on Twitter and LinkedIn.