MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--NowRx, a technology-enabled pharmacy that uses proprietary pharmacy software and last-mile logistics to provide same-day and same-hour delivery of prescription medications, today announced the completion of a $20 million Series B funding round through SeedInvest.com, a leading Regulation A+ crowdfunding platform. This round is the largest in SeedInvest history and brings the company’s total funding to $30 million. The funds will be used to launch more of NowRx’s high-tech micro-fulfilment centers to bring free same-day prescription medication delivery to customers in additional territories. NowRx will also use the funds to accelerate the technology roadmap for its proprietary pharmacy management software and logistics technology to increase efficiencies and improve profitability.
Retail pharmacy is a $400 billion industry that relies on expensive real estate to drive foot traffic and depends on outdated, legacy software systems to manage prescriptions. In contrast, NowRx creates micro-fulfilment centers with advanced, proprietary technology and low overhead in order to provide free same-day delivery so customers never have to come into a store.
“The real reason you are stuck waiting in line for your prescription is that the large chain pharmacies actually want you in their stores so you’ll make other purchases while you’re there,” said NowRx CEO and co-founder Cary Breese. “This flawed strategy ignores the fact that consumers are eager to avoid the hassle and risk of in-store shopping, especially during a pandemic.” According to Breese, these retailers are unable to offer a good customer experience with prescriptions because their legacy software systems and manual processes create bottlenecks and inefficiencies. “By re-engineering pharmacy management software and deploying modern automation technology in our low-overhead, high-tech micro-fulfillment centers, NowRx provides a far better customer experience at the same or better margins than the largest players in the industry,” he added.
“Speed, reliability, and convenience are particularly important right now amidst the COVID-19 pandemic,” said Breese. “This funding round will help us accelerate our technology roadmap for developing the most efficient and convenient pharmacy experience possible.”
NowRx technology accelerates processes, saves consumers millions of dollars
NowRx’s competitive advantage comes from its proprietary pharmacy management software technology, QuickFill (v3.5), which was built from the ground up to streamline and simplify prescription fulfillment and delivery while reducing costs and improving customer service. QuickFill was recently certified by the nation’s leading health information network, Surescripts Health Alliance Network, which unifies electronic health records (EHR) vendors, pharmacy benefit managers (PBMs), pharmacies, clinicians and health plans and connects QuickFill to more than 1.5 million physicians across the U.S. The QuickFill technology suite includes both a consumer app that provides customers with transparency and control over their prescriptions as they are being processed, as well as Wheelz, the driver app that coordinates delivery by NowRx’s HIPAA-trained drivers, enables delivery signatures and transactions, and tracks deliveries in real-time through GPS.
QuickFill technology also incorporates end-to-end robotic dispensing. When a customer clicks on the button to order a refill, that order is automatically routed to the nearest NowRx micro-fulfilment center, where the robots sort, count, bottle and label each medication in less than 30 seconds. The Quickfill software also streamlines the insurance approval process and even has an automated coupon feature that has saved customers millions of dollars by automatically searching for and applying drug manufacturer coupons.
NowRx recently opened one of its high-tech micro-fulfilment facilities in Burlingame, its fourth in California, and has recently received its pharmacy permit to operate another facility in Arizona. In the last year, NowRx has grown its new customer base by 84% and increased revenues by 78%. Since its first delivery in 2016, NowRx has delivered over 200,000 prescriptions to more than 28,000 customers.
NowRx is on track to achieve profitability even as it exceeds customer expectations by providing free, same-day delivery. According to SeedInvest CEO and Co-Founder Ryan Feit, investors on the popular Regulation A+ crowdfunding platform were quick to grasp the advantages of NowRx even before the COVID-19 pandemic because so many have first-hand experience with the hassle of getting prescriptions filled. “Investors understand the problem NowRx is solving,” he said.
About NowRx
NowRx is a technology-enabled pharmacy that uses proprietary pharmacy software, robotics, AI, and last-mile logistics to provide free same-day delivery of prescription medications. NowRx’s pharmacy management system, QuickFill (v3.5), is one of the only pharmacy management software systems designed for same-day delivery that has been certified by the nation’s leading health information network, Surescripts Health Alliance Network. Surescripts connects NowRx’s QuickFill directly to more than 1.5 million physicians across the U.S. Powered by its DEA-certified micro-fulfillment pharmacies and hyper-efficient operations, as of July 2020 NowRx has delivered over 200,000 medications to 28,000+ customers. Learn more at www.nowrx.com.
