US-based e-commerce company Pharmapacks raised $32.5m in funding yesterday from a group of investors led by consumer goods company Reckitt Benckiser.
McKesson Ventures, the corporate venture capital unit of healthcare firm McKesson, also participated in the round, as did packaging company Sealed Air and property developer Emerson Group.
Pharmapacks sells health, beauty, personal care and household products to consumers through third-party online marketplaces such as Amazon and eBay and directly through its own website in the US and Canada.
The company handles logistics, fulfilment, marketing and sales operations, with one of its key targets being new brands aimed at Millennial and Generation Z audiences.
The funding will enable Pharmapacks to grow its headcount by 20%, from a current 350 staff, and scale its warehouse in New York. The money will also go towards developing automation technology, grow the catalogue and expand into Europe and Asia.