NowRx, the on-demand, free same-day delivery pharmacy that is disrupting the healthcare industry by reinventing pharmacy from the ground up, today announced a third crowdfunding round on SeedInvest, receiving over $500K in reservations in its first 24 hours, one of the fastest ramp-ups in SeedInvest’s history. The company seeks to raise $20 million through SeedInvest on a pre-money valuation of $65 million.
The NowRx model solves all the pain points in the traditional pharmacy process: its proprietary software automation, robotics, logistics and AI enable same-day, free delivery of all prescription medications, saving consumers, to date, hundreds of thousands of wasted hours previously spent waiting in pharmacy lines, while also creating new efficiencies that remove millions of dollars in excess costs from the pharmacy process.
The funding round, which has been qualified by the SEC, follows last year’s $7 million Series A funding round on SeedInvest, which was the largest healthcare crowdfunding round ever raised at the time through SeedInvest. The pharmacy space, one of the few traditional industries that has not yet been disrupted via technology, has seen over $470 million dollars raised in the last year.
“We have carefully developed and proved our disruptive on-demand model. With just our first pharmacy facility we have experienced amazing growth: 2018 revenue was $4.7M, up 90% year over year and, based on July 2019 revenue, our annualized run rate is $7.4M – and we are taking our proven concept into new markets,” said Cary Breese, CEO of NowRx.
With dramatically rising customer demand, NowRx recently expanded from its flagship base in Mountain View to San Jose, with other California cities scheduled in the months to come, including Orange County in October. The new funding round will further accelerate NowRx’s expansion across California in 2019 and nationally in 2020.
“There is plenty of buzz around the need to improve the $330bn pharmacy space, but no one has used technology to solve all the pharmacy pain points the way NowRx has,” continued Breese.
“Unlike mail-based services that keep consumers waiting for their medications – and are not ideal for delivering medications that need special care (refrigeration, narcotics, urgent, etc.) – NowRx’s fleet of eco-friendly electric cars, own drivers, mobile app and its automated pharmacy fulfillment centers, enable rapid, free, same-day, hand delivery of all medications right to the customer’s door, while connection to a pharmacist for consultation is just a click away.”
To date, NowRx has filled over 100,000 prescriptions, served more than 18,000 customers, and has received prescriptions from more than 4,500 prescribing physicians, just in the Silicon Valley area. Each NowRx facility has prescription fulfillment capability equal to over 10 traditional pharmacies and robotics-driven advanced pharma-technology that can fill a prescription every 30 seconds.
A fully-licensed pharmacy, NowRx has received multiple industry certifications putting it well along the road to achieving critical mass, including from Surescripts to handle ePrescriptions on their nationwide network of 1.8 million physicians; from the DEA to handle Controlled Prescriptions electronically, and from Caremark for insurance claims. The company is also implementing the telecommunication standard for insurance processing which enables NowRx to handle all Commercial and Medicare claims.
“It’s time the pharmacy process entered the on-demand economy. No one stands in line at the bank, no one waits for taxis anymore, but people still stand in line at the pharmacy surrounded by sick people waiting for their prescriptions,” continued Breese. “NowRx solves that and more, by using cutting-edge technology and logistics to dramatically cut the onerous overhead costs of traditional pharmacies, enabling us to absorb delivery costs so the customer doesn’t have to. The proof is in the consumer response: nearly 90% of our customers say they will use us again.”
You can view NowRx’s Series B round on SeedInvest here.
Click here for a video about NowRx and footage of pharma-efficiency fulfillment technology at work.
Reg A+ Equity CrowdFunding (J.O.B.S. Act)
NowRx is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from: https://www.nowrx.com/nowrx-offering-circular-series-b-preferred-pdf
This Company’s profile and accompanying offering materials may contain forward-looking statements and information relating to, among other things, the Company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based information currently available and are subject to risks and uncertainties that could cause the Company’s actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements as they are meant for illustrative purposes and they do not represent guarantees of future results, levels of activity, performance, or achievements, all of which cannot be made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
NowRx Media Contacts:
Angela Jacobson, angela(at)mwebbcom(dot)com, 714.454.8776
Crystal Hartwell, crystal(at)mwebbcom(dot)com, 714.987.1016