CPE News (2/20/2020) – PocketPills has raised $7.35 million in Series A funding led by a large Canadian family office and Waterbridge Ventures.
Founded by Harj Samra, Abhinav Gupta, and Raj Gulia in 2017, Surrey, BC based PocketPills is full-service digital pharmacy that delivers medication directly to patients.
Funding will be used for technological developments that will improve features such as AI-driven health coaching and integration with the digital healthcare ecosystem such as telemedicine companies, HSA providers and HR software vendors. The investment will also be leveraged to introduce same-day delivery in metropolitan areas, and launch additional distribution centers.
photo credit: PocketPills
Canada’s Leading Online Pharmacy, PocketPills, Closes $7.35 Million Series A Funding Round, Capping 325% Growth Year
Funding applied to continued tech developments and achieving scale
TORONTO, Feb. 20, 2020 /PRNewswire/ – PocketPills (“the Company”), Canada’s first full-service digital pharmacy that delivers medication directly to patients, today announces $7.35 million in Series A funding. The raise, led by a large Canadian family office and Waterbridge Ventures, caps a year of 325% growth for PocketPills.
The funding received is being applied to technological developments that will improve features such as AI-driven health coaching and integration with the digital healthcare ecosystem such as telemedicine companies, HSA providers and HR software vendors. The investment will also be leveraged to introduce same-day delivery in metropolitan areas, and launch additional distribution centers, providing accessibility to pharmaceutical care to every Canadian, even in the most remote areas of the country. As PocketPills scales, it will continue to reduce costs to keep benefit plans sustainable for employers, and pricing low for consumers.
“PocketPills has seen rapid growth over the past year. We’ve scaled nationwide and proven a business model that enhances care for Canadians and reduces costs to employers, insurers, and consumers,” said Harj Samra, Co-Founder and COO of PocketPills. “The investment allows PocketPills to improve its service and the customer experience, consistently develop better technology, and reach Canadians who have historically been underserved by pharmacy services, in even the most remote regions of Canada.”
“PocketPills is timed well for massive value creation in the Canadian health care industry through its technology innovations. It has captured a sweet spot at the intersection of cost (insurers and employers), convenience (patients) and care (chronic diseases). We are proud partners with Raj, Harj and Abhinav, who represent the best in class founding team,” said Manish Kheterpal, Managing Partner, WaterBridge Ventures.
Since its inception in 2018, the Company has expanded across Canada, giving Canadians more choice and accessibility to prescriptions. PocketPills’ model sees distribution centre staff filling prescriptions, allowing pharmacists to return to the forefront of care, spending all of their time driving pharmacist-led interventions and providing patient consultations.
For more information on PocketPills visit: www.pocketpills.com
By combining technology and personalized service, PocketPills is improving the way prescriptions are filled, delivered, and managed. Established by two pharmacists and an engineer in 2018, PocketPills was formed with the vision of making medication management simple. No more sorting pills, waiting in line, or chasing refills. PocketPills’ solution is an end-to-end system built from the ground up, with members at its core. Through an easy-to-use online platform, members can access the pharmacy whenever they want, wherever they are.
About WaterBridge Ventures
WaterBridge Ventures (WBV) is the 1st institutional investor in disruptive companies. WBV’s founders’ first approach, deep engagement model and network strength has led to many robust partnerships between the firm and its entrepreneur partners. Besides PocketPills, some of its leading investments include Atlan, Bijnis, Chalo, Doubtnut, MagicPin, MedCords, ZipLoan and 9Stacks.