Prescription refill and delivery platform Phil announced a $25 million Series B fundraise yesterday. The new round was led by GreatPoint Ventures with participation from Tarsadia Investments, Crosslink Capital and Uncork Capital.
WHAT THEY DO
The platform pitches itself as a way to automate physician, payer pharmacy workflows while helping patients schedule refills.
On the consumer-facing side, the user can ask their doctor to send their prescription to “PhilRx.” The user will then be asked for their insurance information and how they would like the medication delivered. According to the company’s webpage, it takes two business days to get the medications.
The platform partners with pharmacies and providers to connect each digitally. In 2017 the company scored $10 million in funding.
WHAT IT’S FOR
The new money will be put towards the company’s growth. In a statement, Phil said that it would be putting a focus on hiring technical talent. It also said it is looking to increase its global footprint.
MARKET SNAPSHOT
Digital platforms have become a popular avenue for patients to get their pills at their door. One of the biggest names in the field is Pillpack, which was sold to retail giant Amazon for around $1 billion last June. In April Amazon kicked off the virtual pharmacy’s marketing campaign to Prime users.
Another in the space is Capsule, which promises to deliver the medication to anyone in New York City within two hours of the interaction. The platform also lets patients transfer their refills from their old pharmacies to Capsule. Recently, the company landed a whopping $50 million in Series B funding.
Also coming into the space is NowRx, an online pharmacy specializing in same-day, same-hour prescription deliveries. In October, the company announced a $7 million Series A raise.
ON THE RECORD
"Phil offers a systemic solution for a systemic problem," Deepak Thomas, founder and CEO, said in a statement. "Because the underlying challenges in this space are experienced not just at the pharmacy but extend to other stakeholders including prescribers and manufacturers, Phil aims to address these issues as a whole. We are thrilled to partner with GreatPoint Ventures, Tarsadia Investments and returning investors to benefit our customers across the healthcare industry."
