In the wake of Amazon’s recent move to trademark “Amazon Pharmacy” in Canada, Vancouver digital pharmacy PocketPills is holding its ground, today announcing it has raised a $7.35 million in Series A funding round.
The round was led by a large Canadian family office and Waterbridge Ventures and caps a year of 325% growth for PocketPills.
Since its launch in 2018, PocketPills has expanded across the country, giving Canadians more choice and accessibility to prescriptions.
PocketPills’ model sees distribution centre staff filling prescriptions, allowing pharmacists to return to the forefront of care, spending all of their time driving pharmacist-led interventions and providing patient consultations.
The new funding will be used for technological developments that will improve features such as AI-driven health coaching and integration with the digital healthcare ecosystem such as telemedicine companies, HSA providers and HR software vendors.
The investment will also be leveraged to introduce same-day delivery in metropolitan areas, and launch additional distribution centers, providing accessibility to pharmaceutical care to every Canadian, even in the most remote areas of the country.
“PocketPills has seen rapid growth over the past year. We’ve scaled nationwide and proven a business model that enhances care for Canadians and reduces costs to employers, insurers, and consumers,” said Harj Samra, Co-Founder and COO of PocketPills.
“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.”