The news: Digital pharmacy startup NowRx raised over $23 million in its Series C equity crowdfunding round on SeedInvest. The round is set to close on May 20. While it falls short of its $73 million target, it’s the largest round SeedInvest has seen to date.
This news comes shortly after NowRx partnered with Hyundai to test last-mile medication delivery.
More on NowRx: NowRx is a fully digital pharmacy, meaning it has no brick-and-mortar stores.
Its fulfillment centers operate a system of software and robotics that automate prescription processing and quickly dispense medications in less than 30 seconds. NowRx provides free, same-day prescription delivery. NowRx’s software also automatically applies coupons to consumers’ medications to give them the lowest cost possible.
What’s next for digital pharmacies? There are many other digital pharmacy players with similar offerings to NowRx. To go one step deeper, they’ll need to hone features within their digital pharmacy platforms (like electronic prior authorizations) to better connect their digital pharmacy and virtual care businesses.