Company will use funds to meet surging telehealth demand and expand its direct-to-patient healthcare solutions
SAN MATEO, Calif., July 08, 2020 (GLOBE NEWSWIRE) — TruepillTM, the company building world-class patient experiences through its API-connected healthcare infrastructure, today announced that it closed a $25 million Series B funding round with investments from TI Platform Fund, Optum Ventures, Initialized Capital, Sound Ventures and others. With this new investment, Truepill will serve the increasing demand from its wide base of customers across the healthcare industry. Additionally, Truepill will continue expanding its product offerings and enriching its integrated direct-to-patient healthcare solutions.
“The healthcare industry is facing the most rapid period of change in our lifetime. From consumer healthcare startups to established industry leaders, everyone has been forced to rethink patient care and redesign their business around access and convenience,” said Umar Afridi, Truepill Co-founder and CEO. “While COVID-19 has expedited this reality for many companies, Truepill has been building with a patient-first perspective from day one. We’ve created an end-to-end solution that enables our partners to deliver truly accessible and streamlined patient care.”
Founded in 2016, Truepill’s unique B2B model builds direct-to-patient experiences across the entire healthcare ecosystem, working with health plans, pharmaceutical manufacturers and consumer health brands alike. A URAC-accredited company, Truepill is transforming traditional healthcare with industry-first API technology, nationwide pharmacy fulfillment and delivery services, a US-based network of licensed telehealth practitioners, white label product design and more.
“We are working with our partners to deliver the most innovative healthcare experiences for patients,” said Sid Viswanathan, Truepill Co-founder and President. “We are excited to see our API-connected infrastructure being leveraged across the entire healthcare ecosystem. We see a future where over 80% of healthcare visits will be performed using telehealth or a digital experience, and we are positioning Truepill to be the platform building that future.”
Truepill’s technologies and services are built to scale with every customer; its pharmacies have the capacity to deliver 100,000 prescriptions per day, and its US-based network of licensed physicians and nurse practitioners can diagnose and prescribe across 50 states. Whether a customer is looking to build a direct-to-patient experience from the ground up, or simply needs a seamless, transparent pharmacy fulfillment partner, there is no other company that offers such an expansive, streamlined solution. Truepill customers include: GoodRx, TherapeuticsMD, K Health, hims & hers, Nurx, Simple Health and more.
“Our team is excited about the impact Truepill can have on the healthcare industry at large,” said Laura Veroneau, Partner, Optum Ventures. “They are powering the future of patient experiences through their industry-first technology and infrastructure, and have the opportunity to advance how consumers engage in their health while helping lower healthcare costs. We are proud to be a part of that journey.”
In addition to growing its B2B business, Truepill will continue to invest in its portfolio of consumer health brands. Truepill-backed companies include Ahead, a modern mental healthcare startup specializing in adult ADHD treatment, and Eve, a UK-based women’s health company.
To learn more about Truepill, visit truepill.com.
Truepill is building the future of healthcare. The company empowers its partners to deliver world-class patient experiences through its API-connected healthcare infrastructure. Founded in 2016 with a unique B2B model, the company’s expansive suite of customizable, direct-to-patient solutions includes industry-first API technology, nationwide prescription fulfillment and delivery, a US-based network of licensed telehealth providers, white label packaging, product design and more. Its owned and operated pharmacies are located in Hayward, CA, Brooklyn, NY, Redmond, WA, Alhambra, CA, Austin, TX and Manchester, England. Truepill accreditations include URAC accredited mail order pharmacy, URAC accredited specialty pharmacy, NABP, Digital Pharmacy Accreditation and LegitScript. The company has raised more than $39 million in venture funding from YCombinator, Initialized Capital, Tuesday Capital, Sound Ventures, Amity Ventures, Funder’s Club, Slow Ventures, Joe Montana, TI Platform Fund, NLI Strategic Investment Fund, Optum Ventures and others.