Medly Pharmacy raises $100 million Series B

Brooklyn-based Medly Pharmacy , a full-service digital pharmacy, announced the close of their $100 million Series B funding round co-led by Boston growth equity firm Volition Capital and seed-to-growth venture capital firm Greycroft with participation from Horsley Bridge and Lerer Hippeau.

Launched in 2017, Medly added 15,000 providers, 50,000 patients, and delivered over 500,000 prescriptions.

“We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services,” said Marg Patel, CEO and Co-Founder of Medly. “We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies.”

Medly provides no-cost prescription delivery to customers’ homes from its branded physical retail locations, which also accommodate walk-in patients. Medly maximizes convenience and personalized service, enabling customers to schedule their own delivery window, consult with pharmacists, and manage their prescriptions directly from a desktop or mobile app.

“Digital and Internet-enabled services continue to disrupt every consumer category and the legacy healthcare industry is no exception ,” said Larry Cheng, Co-founder and Managing Partner at Volition Capital. “Medly is driving impressive results led by the founders’ strategic decision making which has enabled strong customer traction and a competitive market position. We believe Medly’s value proposition as an outcome-driven pharmacy will only continue to increase as more health systems transition to digital-based models of care.”