Total amount raised
$255.4 Million
Latest funding date
10/01/2021
Location
Truepill has successfully raised multiple funding rounds, with the latest being a Series D. The company is backed by 21 investors, including Transpose Platform Management and Initialized Capital.
Keep reading to explore the intricacies of Truepill's fundraising journey and the investors backing this innovative healthcare platform.
What Is Truepill?
Truepill, based in Hayward, California, operates in the Health Care, Medical, mHealth, and Pharmaceutical industries. The company provides API-connected healthcare infrastructure aimed at revolutionizing the patient experience. Truepill has between 501-1000 employees and has been acquired by LetsGetChecked.
Under the brand FuzeRx, Truepill offers comprehensive pharmacy services, focusing on digital solutions, automation, and customization. Their services include virtual pharmacy, pharmacy fulfillment, and patient services, with expertise in therapeutic areas like women's health, endocrinology, and immunology.
How Much Funding Has Truepill Raised?
- Seed Round
- Amount Raised: USD 3,400,000
- Date: January 2017
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial product development and market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2017
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further development and scaling of core services.
- Series A
- Amount Raised: USD 10,000,000
- Date: March 2019
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and technology development.
- Series B
- Amount Raised: USD 25,000,000
- Date: July 2020
- Lead Investors: Optum Ventures, Transpose Platform Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the scaling of Truepill's core services in telehealth, diagnostics, and pharmacy networks.
- Series C
- Amount Raised: USD 75,000,000
- 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 build a network of certified and accredited labs.
- Series D
- Amount Raised: USD 142,000,000
- Date: October 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: USD 1.6 billion
- Motivation Behind the Round: To expand services to insurers, health brands, pharmaceutical manufacturers, health systems, government agencies, employer groups, and school systems; grow headcount; open new pharmacy and OTC fulfillment facilities.
Total Amount Raised: USD 255,400,000
Current Valuation: USD 1.6 billion
Key Investors
- Initialized Capital
- Details: Initialized Capital is a venture capital firm that invests in early-stage technology companies. They have been involved in multiple funding rounds for Truepill, including the Series D.
- Investment Focus Areas: Early-stage technology companies, healthcare, consumer products.
- Notable Investments: Coinbase, Instacart, Cruise.
- TI Platform Management
- Details: TI Platform Management focuses on investing in technology-driven companies and innovative startups. They participated in Truepill's Series D funding round.
- Investment Focus Areas: Technology-driven companies, innovative startups.
- Notable Investments: Not specified.
- Optum Ventures
- Details: Optum Ventures is the venture capital arm of Optum, a health services and innovation company. They participated in Truepill's Series B funding round.
- Investment Focus Areas: Healthcare, health technology, digital health.
- Notable Investments: Not specified.
- Transpose Platform Management
- Details: Transpose Platform Management is an investment firm that participated in Truepill's Series B funding round. They focus on innovative and technology-driven companies.
- Investment Focus Areas: Technology-driven companies, innovative startups.
- Notable Investments: Not specified.
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups. They were a lead investor in Truepill's initial seed round.
- Investment Focus Areas: Early-stage startups, technology, healthcare.
- Notable Investments: Airbnb, Dropbox, Stripe.
What's Next for Truepill?
Truepill stands at the cusp of significant growth opportunities, driven by its expansion into health plans, providers, and employer groups. The company aims to roll out an at-home lab testing network and open new pharmacy and OTC fulfillment facilities, positioning itself to meet the increasing demand for digital healthcare solutions. With nearly 10 million prescriptions shipped and over 50,000 telehealth visits facilitated weekly, the potential for growth is immense.
Future fundraising opportunities appear promising as Truepill continues to scale its services and expand its reach. The company's track record of raising $256 million to date and its ambitious plans suggest that additional funding rounds may be on the horizon to support further innovation and expansion. However, Truepill will need to navigate competitive pressures from other digital pharmacies and ensure the quality and reliability of its services as it scales.
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