MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–NowRx, a technology-driven pharmacy that uses proprietary pharmacy software and last-mile logistics to provide same-day, same-time delivery of prescription medications, today announced the closing of a $20 million Series B funding round through SeedInvest.com, one of the leading regulatory A+ crowdfunding platforms. This round is the largest in SeedInvest’s history and brings the company’s total funding to $30 million. The funds will be used to launch more NowRx high-tech micro-fulfillment centers to offer free same-day prescription drug delivery to customers in other territories. NowRx will also use the funds to accelerate the technology roadmap of 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Retail pharmacy is a $400 billion industry that relies on expensive real estate to drive foot traffic and outdated legacy software systems to manage prescriptions. In contrast, NowRx creates micro fulfillment centers with advanced proprietary technology and low overhead to provide free same-day delivery so customers never have to walk into a store.
“The real reason you’re stuck in the queue for your prescription is that the big drugstore chains actually want you in their stores, so you’ll be making other purchases while you’re there,” said the CEO and co-founder of NowRx, 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 provide a good customer experience with prescriptions because their legacy software systems and manual processes create bottlenecks and inefficiencies. “By redesigning pharmacy management software and deploying modern automation technology in our low-cost, state-of-the-art micro-processing centers, NowRx delivers a much better customer experience at the same or better margins than the larger industry players,” he said. added.
“Speed, reliability and convenience are especially important right now amid the COVID-19 pandemic,” Breese said. “This round of funding will help us accelerate our technology roadmap to develop the most efficient and convenient pharmacy experience possible.”
NowRx technology speeds up processes and saves consumers millions of dollars
NowRx’s competitive edge comes from its proprietary pharmacy management software technology, QuickFill (v3.5), which was designed from the ground up to streamline and simplify the filling and delivery of prescriptions 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 record (EHR) providers, pharmacy benefit managers (PBM), pharmacies, clinicians and health plans and connects QuickFill to more than 1.5 million physicians across The QuickFill technology suite includes both a consumer app that provides customers with transparency and control of their prescriptions as they are dispensed. processing, 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 using GPS.
QuickFill technology also incorporates end-to-end robotic dispensing. When a customer clicks the button to order a refill, that order is automatically routed to the nearest NowRx micro-fulfillment center, where robots sort, count, bottle and label each drug 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 and applying drug manufacturer coupons.
NowRx recently opened one of its high-tech micro-fulfillment facilities in Burlingame, its fourth in California, and recently received its pharmacy license to operate another facility in Arizona. Over the past year, NowRx has grown its new customer base by 84% and revenue by 78%. Since its first delivery in 2016, NowRx has dispensed over 200,000 prescriptions to over 28,000 customers.
NowRx is on track to achieve profitability even though it exceeds customer expectations by offering free same-day shipping. According to SeedInvest CEO and co-founder, Ryan Feit, investors on popular crowdfunding platform Regulation A+ quickly realized the benefits of NowRx even before the COVID-19 pandemic, as many have first-hand experience of the hassle of trading. order processing. “Investors understand the problem that NowRx solves,” he said.
NowRx is a tech 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 leading health information network in the countries, Surescripts Health Alliance Network. Surescripts connects NowRx’s QuickFill directly to over 1.5 million physicians across the United States. Powered by its DEA-certified micro-fulfilment pharmacies and hyper-efficient operations, as of July 2020, NowRx has delivered over 200,000 medications to over 28,000 customers. Learn more at www.nowrx.com.