Capsule, the US-based online pharmacy operator backed by conglomerate Virgin Group, has collected $200m in a funding round led by venture capital firm TCV, CNBC reported on Friday.
Investment firm Thrive Capital and growth equity firm Glade Brook Capital Partners also took part in the round, which lifted the company’s overall funding to $270m.
Founded in 2015, Capsule operates an online service that delivers prescription drugs to patients within two hours. The platform offers patients information on co-payment and possible side effects, with pharmacists available to answer questions through text message or a secure chat interface.
Doctors can set up repeat prescriptions through the app and specify alternatives if a certain drug is not covered by a patient’s insurance.
The company is currently active in New York, where it has 60,000 customers, and will use the cash to secure licences in additional US states. Eric Kinariwala, founder and CEO of Capsule, said it aims to be present in all major US cities within 18 to 36 months.
Thrive Capital and Glade Brook had previously co-led the company’s $50m series B round in August 2018, with participation from unnamed existing backers. Thrive Capital had already led a $20m series A round for the company in 2017 that featured Virgin and venture capital firm Sound Ventures.
