Sun Life invests $9.5M in Pillway

CPE News

CPE News (11.30.2023) – Simpill Health Group Inc., o/a Pillway, has announced a minority investment of $9.5 million from Sun Life, with an opportunity for an additional $1.5 million.

The strategic investment is set to accelerate Pillway’s mission of integrating cutting-edge technology with personalized care.

Pillway is a pioneering tech-first, full-service digital pharmacy that is revolutionizing traditional pharmacy model through the thoughtful use of technology.

The investment marks Pillway’s second funding round, following its initial $5 million seed round received from WELL Health Technologies Corp. (TSX: WELL; OTCQX: WHTCF) in 2020.

photo credit: Pillway

News Release

Sun Life Fuels Pillway’s Mission to Revolutionize Pharmacy for the Digital Age

Pillway, a leading Canadian digital pharmacy, secures $9.5 million in funding from Sun Life, with an opportunity for an additional $1.5 million, to innovate and expand its technology-driven health care services.

(TORONTO) – Nov. 28, 2023 /CNW/ Simpill Health Group Inc., operating as Pillway, the transformative digital pharmacy, today proudly announces a minority investment of $9.5 million from Sun Life. This strategic investment is set to accelerate Pillway’s mission of integrating cutting-edge technology with personalized care.

‍Today’s announcement follows the successful launch of the Lumino Health™ Pharmacy app, with the technology platform and pharmacy services provided by Pillway. The partnership between Pillway and Sun Life is helping to reshape how individuals manage their health. The service is available to Sun Life’s Group Benefit’s Clients across Canada.

Encouraged by the success of this collaboration, Sun Life’s investment represents a renewed commitment to digital health solutions, where convenience, efficiency, and tailored health care are at the forefront. The investment comes at a time when funding in the HealthTech sector is highly competitive, reflecting a strong endorsement of Pillway’s unique value proposition and its role in shaping the future of pharmacy care.

“Securing this level of funding from Sun Life, especially in the current macroeconomic climate, is a powerful endorsement of our mission,” said Lak Gill, CEO of Pillway. “This investment is not just about financial support— it’s about strengthening a partnership that has already begun to make a tangible difference in people’s lives. This will accelerate our growth and enhance our ability to provide personalized, technology-driven and patient-centric health care solutions,” Lak Gill added. “Together with Sun Life, we look forward to building on our initial success and bringing even more innovative and impactful health solutions to Canadians.”

Sun Life is focused on helping Canadians navigate, access, receive and integrate care. Through innovative solutions and products, they are helping to bridge the health care gap. Strong partnerships and investments in organizations like Pillway is just one of the ways Sun Life is delivering on this commitment.

‍”We believe strongly in the work Pillway is doing to enhance pharmacy care across Canada,” said Alison Chick, Senior Vice-President, Health Solutions, Sun Life Health. “Today’s investment highlights the shared vision between our two companies. I’m excited for what Pillway has in store and their future growth, helping all Canadians with their health and well-being.”

This marks Pillway’s second funding round, following their initial $5 million seed round received from WELL Health in 2020.

About Pillway

Pillway, a pioneering tech-first, full-service digital pharmacy, is revolutionizing today’s traditional pharmacy model through the thoughtful use of technology. With a specialized focus on chronic disease management and individuals managing multiple medications per day, Pillway offers best-in-class service for all prescription medication needs. Pillway’s connected platform seamlessly integrates doctors, pharmacists, and patients, providing a truly holistic healthcare experience that forms a full circle of care. Pillway’s dedicated pharmacy care team proactively manages each patient throughout their entire healthcare journey, removing all guesswork from medication management. Pillway delivers comprehensive end-to-end vertical integration across all pharmacy services, ensuring an unmatched and innovative healthcare experience for patients, pharmacists, and healthcare providers.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2023, Sun Life had total assets under management of $1.34 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Media Relations Contacts:

Jas Binning, Director,
Marketing, Pillway
T. 416-901-1227 ext. 207
jbinning@pillway.com

Gannon Loftus, Director,
Corporate Communications, Sun Life
T. 647-228-8244
gannon.loftus@sunlife.com