Truepill raises $75 million Series C to launch diagnostics network
San Mateo-based B2B pharmacy fulfillment service Truepill announced a $75 million Series C funding round led by Oak HC/FT, with participation from existing investors Optum Ventures, TI Platform Management, Sound Ventures and YCombinator.
Founded in 2016, Truepill is a team of over 130 employees. Its most recent round of funding – a $25 million Series B round – was announced in July. In total, the company raised $113 million across 6 rounds of funding.
The funds will be used to launch an at-home lab testing network by the end of the year by partnering with trusted third-party providers to offer “hundreds of” at-home lab tests.
“Healthcare today is defined by silos and misaligned incentives, often leaving the patient to navigate an inefficient and inaccessible system. This divide can be a monumental barrier to care. Through our B2B healthcare platform approach, we aim to be the connective tissue that brings all the elements of digital health together. By providing an end-to-end solution, we’re leveling the playing field and empowering our customers with the tools they need to build innovative, consumer-first experiences.” – Umar Afridi, CEO and Co-founder of Truepill.
“To create a comprehensive, effective digital healthcare experience, there are three essential pillars: pharmacy with extensive insurance coverage, at-home lab testing and telehealth. By adding diagnostics to our suite of solutions, we’ll be able to deliver direct-to-patient healthcare at scale through one platform – Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality.” – Sid Viswanathan, Truepill Co-founder and President.
“We’re thrilled to be working with Truepill as they advance their bold vision, expand their platform and shape the future of healthcare. Their unique API-driven ecosystem is revolutionizing the way we think about patient care and the role of technology in creating a healthcare experience that endures. We’re excited to watch Truepill build an iconic healthcare company in one of the most rapidly evolving eras the industry has ever seen.” – Annie Lamont, Managing Partner at Oak HC/FT.
