Capsule, the US-based online pharmacy operator backed by conglomerate Virgin Group, has received $50m in series B funding, AlleyWatch has reported.
The round was co-led by venture capital firm Thrive Capital and growth equity firm Glade Brook Capital. It included undisclosed existing investors and came after Capsule raised $20m in a May 2017 series A led by Thrive Capital that included Virgin and Sound Ventures.
Capsule runs an online platform that users can refer to their doctors in lieu of a local pharmacy. The physician can prescribe medication through Capsule, which contacts the patient as soon as it receives the drugs, before delivering them to the patient’s door.
Eric Kinariwala, Capsule’s chief executive, told VatorNews: “The conventional pharmacy and mail order pharmacy models aren’t working.
“The pharmacy has not changed in 100 years, even though the world has changed dramatically in just the last 10. We are creating a pharmacy that works for every customer and stakeholder in the healthcare system.”
The funding will go to expanding the geographic reach of Capsule, which currently operates only in New York City.