PillPack Announces $8.75 Million Financing

PR Newswire Association LLC

MANCHESTER, N.H., Oct. 9, 2014 /PRNewswire/ -- PillPack, the pharmacy that simplifies medication management, has secured $8.75 million in additional capital funding to scale operations and grow their customer base. The round was led by Accel Partners, with participation from Atlas Venture.

PillPack Launches Service to Reinvent the Retail Pharmacy Experience

"In the last two years, we have built and launched the first pharmacy dedicated to making customers' lives easier," said TJ Parker, PharmD, CEO. "With PillPack, the end-to-end process of managing medications is both simple and understandable. As a result, it's easy for our customers to take their prescribed medications at the right time, every time."

PillPack makes it easy to manage medications in three ways:

Packaging: Rather than send medications in individual pill bottles, which customers must sort and organize, PillPack dispenses medications into multi-dose packs. These pre-sorted medications arrive packaged and labeled with the date and time each dose should be taken. Inhalers, creams, or as-needed meds can also be included in the shipment.
Service: PillPack manages refills for customers by proactively coordinating with physicians and insurance providers. PillPack pharmacists are available to answer questions 24 hours a day, seven days a week.
Technology: PillPack offers customers an online dashboard to control medication lists, track shipments, keep tabs on billing, and see a calendar of important dates. Customers can also order vitamins and over-the-counter medications from their dashboard at any time.

"PillPack is a seamless service for medications, complete with passionate pharmacists who have a real sense of mission and seek to deliver better care," said Fred Destin, partner at Accel Partners. "This financing will accelerate PillPack towards replacing antiquated pharmacy for anyone who takes multiple medications."

Destin will take a director seat on the PillPack board, joining Jon Karlen from Atlas Venture and David Frankel from Founder Collective. Additional participants in the round include High Line Venture Partners, QueensBridge Venture Partners, Andy Palmer, and David Tisch. PillPack has raised $12.75 million dollars to date.

PillPack is currently available in 40 states. The company accepts most prescription drug insurance plans, including a majority of Medicare Part D plans. New customers can sign up online at www.pillpack.com.

About PillPack
PillPack is a full-service pharmacy that delivers a better, simpler experience through convenient packaging, modern technology, and personalized service. PillPack has earned Verified Internet Pharmacy Practices Sites® accreditation through the National Association of Boards of Pharmacy® (NABP®). For more information, please visit PillPack.com or follow us @PillPack.