PocketPills, a healthtech startup offering a full-service digital pharmacy that delivers medication directly to patients, has closed a $7.35 million CAD Series A round of financing.
The round was raised by an undisclosed Canadian family office, as well as WaterBridge Ventures, a VC firm based in New Delhi, India. Funds from the round will be used to improve PocketPills’ AI-driven health coaching as well as strengthen integrations with healthcare partners. The investment will also help the company introduce same-day delivery in metropolitan areas, and launch additional distribution centres across Canada.
“PocketPills is timed well for massive value creation in the Canadian health care industry.”
“The investment allows PocketPills to improve its service and the customer experience, consistently develop better technology, and reach Canadians who have historically been underserved by pharmacy services, in even the most remote regions of Canada,” said Harj Samra, co-founder and COO of PocketPills.
Founded in 2018 and based in Surrey, British Columbia, PocketPills’ platform allows patients to fill and manage medications online, keep a record of their medication history, and find the cost of a prescription before they fill it. The company’s goal is to leverage AI software to calculate adherence and predict instances of new diseases by using data like dates of prescription refills and patient consultations.
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Along with the raise, the startup also reported that it has grown by 325 percent over 2019, although the company did not mention specific metrics. Last year’s highlights include a $2 million seed round in May, and fulfillment centre launches in Ontario and Manitoba. A spokesperson from PocketPills told BetaKit the next fulfillment facilities will be in Nova Scotia and Québec, which would complete the company’s national expansion.
“PocketPills is timed well for massive value creation in the Canadian healthcare industry through its technology innovations,” said Manish Kheterpal, managing partner at WaterBridge Ventures. “It has captured a sweet spot at the intersection of cost (insurers and employers), convenience (patients), and care (chronic diseases).”
Image source PocketPills via Facebook.