US-based e-commerce services provider Pharmapacks has raised $40m in bridge financing from investors including consumer goods manufacturer Reckitt Benckiser (RB).
Consumer equity and consulting firm Emerson Group, venture capital fund The Craftory, hedge fund manager Straus Group and investment bank Sawaya Capital Partner also took part in the round, while JP Morgan Securities was placement agent.
Pharmapacks runs an e-commerce platform that sells medical, nutrition, cosmetics and household products for emerging brands while handling logistics, fulfilment, sales and marketing and sales on their behalf.
The company had raised $150m in debt financing from JPMorgan Chase and GPI Capital in July this year following a $32.5m series A round led by RB in 2018 that included Emerson Group as well as packaging provider Sealed Air and McKesson Ventures, a subsidiary of pharmaceuticals supplier McKesson.
Andrew Vagenas, chief executive of Pharmapacks, said: “We are excited to bring in new investors and welcome back long-term partners like RB and Emerson Group that have helped Pharmapacks continually reach new heights.”
