- New financial technologies, such as digital wallets and commission-free investment platforms, are bring financial services to new, previously underserved demographics.
Key Market Movements
1Mg, a platform offering an online pharmacy and health application that tells users about their medicines, their substitutes, and side effects, raised an undisclosed amount of venture funding on April 27, 2018, valuing the company at $75 million. Previously, the company raised $15 million of Series C venture funding in a deal led by HBM Healthcare Investments on July 27, 2017. In addition to keeping patients knowledgeable about their medication, the platform also provides regular health tips, online medication orders, and booking services for health tests and packages at local certified labs.
CVS struck a deal with the U.S. Postal Service to pick up prescriptions at CVS stores and bring them to customers’ homes in 1-2 days. Customers will be charged $4.99 per delivery, which could include over-the-counter products such as aspirin as well.
Zipdrug, a provider of an online application[readmore] that provides medication delivery to homes and offices, raised $600,000 of seed funding from Notation Capital, Collaborative Fund, and Red Sea Ventures on July 14, 2017.
Hims, a provider of wellness products intended to offer hair loss prevention medicines for men, raised $50 million of Series B2 venture funding in a deal led by IVP on June 28, 2018, putting the company’s pre-money valuation at $450 million. Thrive Capital, Forerunner Ventures, SV Angel, Redpoint Ventures, Founders Fund, and CAVU Venture Partners also participated in the round.
Apotea, an online full-scale pharmacy store. Stampen Media Partner, Sjätte AP-fonden, and Ernströmgruppen sold a 4.9% stake in the company to Creades for $13.5 million on April 28, 2017. The post-deal valuation of the firm was $274.09 million.
MDSave, an operator of an online healthcare transactional platform, raised $4.82 million of venture funding from undisclosed investors on June 1, 2018. Previously, the company received an undisclosed amount of debt financing from Comerica Bank on September 18, 2017. MDSave works to lower healthcare cost by offering patients clear upfront pricing from quality physicians.
Kakehashi, a provider of an electronic medication history system connecting medical treatment and patients, raised $8 million of Series A venture funding from ITOCHU Technology Ventures, GE Ventures, and Salesforce Ventures on May 14, 2018. The company’s SaaS-based system stores all information related to a health insurance claim and a patient’s drug history management.