US based Medly Pharmacy closes Series A round led by Greycroft
Date: 2019-06-06   Author: Paroma Bhattacharya  Category: #news

US based Medly Pharmacy closes Series A round led by Greycroft

Medly Pharmacy, a U.S.-based digital pharmacy recently announced completion of its Series A funding round, led by Greycroft, a venture capital firm. Medly Pharmacy will use the funds for its expansion. The 2017 annualized revenue of Medly Pharmacy increased tenfold between 2017 and 2018 and is expected to grow drastically by 2020, cites source.

For the record, Medly Pharmacy provides free, same-day delivery to all patients located in New Jersey and New York. The company boasts of greater transparency by offering lowest cost copayment options which is available at the Medly Pharmacy App. From Medly Pharmacy’s inception in 2017, the number of employees grew to 250. With the new funding, the company plans to double the employee count by 2020 along with projects serving a significant number of customers.

According to sources, Medly Pharmacy works directly with doctors to aid refill management & drug coverage so that patients do not have to deal with the hassle of standing in queues at the pharmacy, for managing prescriptions or the aggravation of coordinating with the doctors & insurance companies for getting prescriptions covered. The company’s primary mission is to service customers to make them feel better, quicker.

Ian Sigalow, Co-Founder & Partner of Greycroft was reportedly quoted saying that Medly Pharmacy has been very effective in its initial markets and it is a great opportunity for Greycroft to join Medly Pharmacy to build a pharmacy chain that mark its existence through better customer service. The company looks forward to support, empower & advise the team to build the best digital pharmacy in the U.S.

Dr. Marg Patel, CEO & Co-Founder of Medly Pharmacy was reportedly quoted saying that the company’s goal is to build a layer technology that enables it to provide best customer experience. The funding from Greycroft will aid Medly Pharmacy to expand its foot over the U.S. and to provide best value in the market to the customers, Patel added.

Source credits : https://finance.yahoo.com/news/medly-pharmacy-raises-series-round-111600606.html



About Author


Paroma Bhattacharya

Paroma Bhattacharya

Paroma currently works as a content developer for AlgosOnline. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched content in diverse fields. Apart from...

Read More

More from Paroma


Post Recommendents

Ban on sale of plastic water bottles at San Francisco Airport
Author: Sunil Hebbalkar

San Francisco International Airport is reportedly banning the sale of all single-use plastic water bottles Tuesday onwards.

As per trusted officials, this ban is a part of the per...


WeTransfer bags €35 million in HPE Growth led secondary funding round
Author: Sunil Hebbalkar

HPE’s Jonne de Leeuw will replace WeTransfer co-founder Nalden, joining Irena Goldenberg, Tony Zappalà (Highland Europe) and Bas Beerens (founder WeTransfer).

Infosys witnesses a cloud service hike as firm partners with biggies
Author: Pankaj Singh

  • Infosys has partnered with Microsoft Azure, Google Cloud, and Amazon Web Services to help its clients to shift their applications to the cloud.