Total amount raised
$255.4 Millions
Latest funding date
10/01/2021
Location
Truepill has successfully raised funding from multiple investors, including Initialized Capital, Y Combinator, and others, through several rounds, with the last being a Series D. The company was acquired by LetsGetChecked for $525M in a cash and stock deal announced on August 21, 2024.
Keep reading to explore the intricacies of Truepill's fundraising journey and the investors backing this innovative platform.
What Is Truepill?
Truepill, founded in 2016 by Sid Viswanathan and Umar Afridi, is a digital pharmacy company headquartered in San Mateo, California. The company operates within the healthcare, medical, mHealth, and pharmaceutical industries.
With a workforce of 501-1000 employees, Truepill offers a range of services including pharmacy fulfillment, virtual pharmacy, patient services, and technology solutions. The company aims to revolutionize the patient experience through its API-connected healthcare infrastructure.
How Much Funding Has Truepill Raised?
- Seed Round
- Amount Raised: $3.4M
- Date: January 2017
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and develop its digital pharmacy platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2017
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the company's technology and expand its pharmacy fulfillment services.
- Series A
- Amount Raised: $10M
- Date: March 2019
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the company's API-connected healthcare infrastructure.
- Series B
- Amount Raised: $25M
- Date: July 2020
- Lead Investors: Optum Ventures, TI Platform Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch telehealth and diagnostic services, and to introduce a COVID-19 wellness program.
- Series C
- Amount Raised: $75M
- Date: September 2020
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To roll out an at-home lab testing network and expand the company's technology capabilities.
- Series D
- Amount Raised: $142M
- Date: October 2021
- Lead Investors: Initialized Capital, TI Platform Management
- Valuation at Round: $1.6B
- Motivation Behind the Round: To expand Truepill's reach to health plans, providers, and employer groups, and to continue growing its headcount and operational capabilities.
Total amount raised: $255.4M. Current valuation: $1.6B.
Key Investors
- Initialized Capital
- Details: Initialized Capital is a venture capital firm that invests in early-stage technology companies. Founded by Garry Tan and Alexis Ohanian, it has a strong track record in identifying high-potential startups.
- Investment Focus Areas: Early-stage technology companies, healthcare, fintech, consumer products
- Notable Investments: Coinbase, Instacart, Reddit
- Oak HC/FT
- Details: Oak HC/FT is a venture and growth equity firm that focuses on healthcare and financial technology. The firm aims to partner with entrepreneurs to build successful businesses in these sectors.
- Investment Focus Areas: Healthcare, financial technology
- Notable Investments: One Medical, VillageMD, Devoted Health
- Optum Ventures
- Details: Optum Ventures is the venture capital arm of Optum, focusing on health services. It invests in companies that aim to improve the healthcare system.
- Investment Focus Areas: Health services, technology
- Notable Investments: Buoy Health, Mindstrong Health, RubiconMD
- TI Platform Management
- Details: TI Platform Management is an investment firm that provides capital to technology and innovation-driven companies. It focuses on high-growth potential startups.
- Investment Focus Areas: Technology-driven companies, innovative startups
- Notable Investments: SpaceX, Palantir, Airbnb
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding for early-stage startups. It has been instrumental in the growth of many successful companies.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Airbnb, Dropbox, Stripe
What's Next for Truepill?
Truepill is poised to capitalize on several significant opportunities in the healthcare sector. The company plans to expand its services to health plans, providers, and employer groups, leveraging its robust telehealth and diagnostic capabilities. With nearly 10 million prescriptions shipped and over 50,000 telehealth visits facilitated weekly, the potential for growth is substantial.
Future fundraising appears promising, given Truepill's strong track record and ambitious expansion plans. The company may seek additional funding to support new projects and scale its operations further. However, challenges such as competitive pressure from other digital pharmacies and maintaining service quality as it scales could pose hurdles.
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