Medly Pharmacy Raises $100M To Expand Pharmacy Services
New York-based same-day health care startup, Medly Pharmacy, has raised $100 million in Series B funding co-led by Boston-based VC firm Volition Capital and New York-based financial services Greycroft with participation from Lerer Hippeau and Horsley Bridge. The startup plans to use this raised new funds to establish Medly’s platform and expand its platform to new markets.
In 2017, Marg Patel and Sahaj Patel, the siblings, founded Medly Pharmacy as a digital pharmacy platform that provides same-day, free, and prescription delivery. It is the child company of Medly Health. Its platform combines dedicated customer service with 2 generations of pharmacy expertise. The startup works with medical providers and patients to customized every aspect of the care journey. It has extended its operation in Pennsylvania, New Jersey, Miami, and Maryland.
The company promotes free prescription delivery for patients even within the same day sometimes. Despite using a mail prescription, the startup has a network of delivery drivers that drop off prescription from its pharmacies to patients’ residences. As of now, it has touched the mark of 500,000 in fulfilling the prescribed deliveries. It also has a few brick-and-mortar storefronts.
In a press release, Medly Pharmacy CEO Marg Patel said that they would continue to advance patient care by empowering consumers to access prescription drugs on their own terms by using a powerful combination of digital and physical pharmacy services. They are happy to continue to stabilize their vision by widening their reach in new markets and forging long-lasting and meaningful relationships with physicians, patients, drug manufacturers, and insurance companies.
Amid the novel pandemic, people have been more attracted to the home delivery services, no matters if it is for groceries or prescriptions. In March, the startup had collaborated with New York’s EmblemHealth, the largest nonprofit health insurer, to provide free prescription delivery for its existing 3.2 million members in the tri-state area of New York.
In a press release, Greycroft co-founder Ian Sigalow said they are undergoing a significant shift in consumer behavior, especially in critical sectors like pharmacy and healthcare. Both medical providers and consumers are prioritizing digital access to pharmacy services. Alongside this, the platform like Medly is well-positioned to rule the market by using its unprecedented shift.