Truepill as we speak introduced it has raised $75 million in a spherical led by Oak HC/FT. Truepill says the funds will assist it launch an at-home lab community in partnership with “trusted third events,” enabling it to diagnose and deal with illnesses alongside present telehealth applications and pharmacies.
Well being care stays profitable regardless of pandemic headwinds. Spending on pharmaceuticals within the U.S. will improve between 4% and seven% by way of 2021 to as a lot as $610 billion, in keeping with a 2017 report revealed by QuintilesIMS Holding. And telemedicine is on the upswing. Frost and Sullivan reviews that digital well being consultations grew by 50% in March, coinciding with the onset of the pandemic.
Truepill is doubtlessly well-positioned to satisfy this demand. The Y Combinator graduate’s declare to fame is a business-to-business (B2B) telemedical platform that permits well being care manufacturers to ship treatment, contraception, and different prescription drugs on to prospects’ doorsteps through customary mail. Truepill’s APIs present programmatic entry to its on-line pharmacy, whereas its packaging warehouses leverage robotic cells and different automation applied sciences to deal with as much as 100,000 prescription orders a day.
Warehouse-to-door pharmacies aren’t precisely novel. New York- and San Francisco-based startups like ZipDrug, Alto, and Capsule fulfill and ship most prescriptions inside hours. And NowRx, which lately raised $20 million, leverages last-mile logistics algorithms and micro-fulfillment facilities to kind, depend, bottle, and label orders with “the identical or higher” margins as massive pharmacy chains.
However though Truepill doesn’t market to finish prospects, it’s accessible in all 50 U.S. states and operates its personal pharmacies in California, New York, Washington, and Texas and in Manchester within the U.Okay. The corporate additionally lately launched Truepill Well being, which connects a crew of 9,000 U.S. physicians with sufferers by way of real-time video, undergirded by an in-house digital medical document system.
Truepill’s B2B mannequin evidently piqued the curiosity of direct-to-consumer prospects like HIMs, HERs, and LemonAID. Truepill president and cofounder Sid Viswanathan, who beforehand based CardMunch (which was acquired by LinkedIn in 2011), mentioned the corporate has processed and shipped “nicely over” one million prescriptions up to now.
San Mateo, California-based Truepill’s income reached $48 million in 2018 and practically $100 million in 2019. Because it pushes additional into work with well being plans and drugmakers this 12 months, Truepill expects income to hit roughly $200 million. The corporate at the moment employs 361 individuals throughout its U.S. and UK places of work.
The collection C introduced this week included participation from Kaiser Permanente, Optum Ventures, TI Platform Fund, Sound Ventures, and Y Combinator and brings Truepill’s complete raised to $114 million, following a $25 million collection B spherical in July.
“The trade has been pressured to rethink affected person experiences and transfer quickly into the world of digital well being,” Viswanatha informed VentureBeat through e-mail. “With COVID-19, we’ve reached a tipping level, and client expectations have perpetually modified … We’re excited to be working with traders who embrace and consider within the imaginative and prescient of Truepill.”