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The company has invested heavily in customer experience and the underlying pharmacy technology that creates value for stakeholders across the entire healthcare ecosystem.
FREMONT, CA: Industry-leading full-service digital pharmacy company, Medley Pharmacy, secured USD 100 million in a Series B funding round, co-led by Boston growth equity firm Volition Capital and seed-to-growth venture capital firm Greycroft, with participation from Horsley Bridge and Lerer Hippeau. Medley, launched in 2017, has quickly grown into a category-leading digital pharmacy known for continuously innovating and setting the leading edge of the fast-growing USD 500 billion digital pharmacy segment.
"We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services," said Marg Patel, CEO, and Co-Founder of Medly. "We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies."
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The company has invested heavily in customer experience and the underlying pharmacy technology that creates value for stakeholders across the entire healthcare ecosystem. Since its inception, Medley Pharmacy has grown 100 times in revenue, added 15,000, 50,000 patients, and delivered over 500,000 prescriptions. The company has a net promoter score of 87, which is 4.5 times greater than the average pharmacy.
"We are going through a major shift in consumer behavior, especially in critical sectors like healthcare and pharmacy. Both consumers and medical providers are prioritizing digital access to pharmacy services, and innovators like Medly are well-positioned to lead the market through this unprecedented shift," said Ian Sigalow, Co-founder and Partner of Greycroft. "We are excited to expand on our early investments in Medly and support Marg and team as they invest in their category-leading platform, meet new demands, and reshape the pharmacy industry."
Proceeds from the investment round will help Medly expand its platform, enter new markets, and provide category-leading services to patients and partners across the country. The company's hybrid pharmacy model is well-positioned to meet unique customer needs, especially as healthcare technology and innovation have come directly into focus in response to coronavirus. Medly provides no-cost prescription delivery to customers' homes from its branded physical retail locations, which also accommodate walk-in patients. The company maximizes convenience and personalized service, enabling customers to schedule their delivery window, consult with pharmacists, and manage their prescriptions directly from a desktop or mobile app.
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