What happened: PocketPills raises $7.35 million in latest funding round
Why it matters: The company’s services have spread rapidly across Canada since last year
A Surrey-based health technology firm is filling its pockets with new capital.
PocketPills Inc. revealed Thursday (February 20) it’s closed a Series A funding round to the tune of $7.35 million.
The digital pharmacy is known for its online platform that allows users to order medications that are sorted by dose, individually packaged and delivered to homes.
The new capital will be used to introduce same-day delivery urban markets across Canada, launch additional distribution centres, and improve the platform through integrations with telemedicine companies and health spending account providers.
India-based Waterbridge Ventures led the funding round along with an undisclosed family office in Canada.
“PocketPills is timed well for massive value creation in the Canadian health care industry through its technology innovations,” WaterBridge Ventures managing partner Manish Kheterpal said in a statement.
“It has captured a sweet spot at the intersection of cost (insurers and employers), convenience (patients) and care (chronic diseases).”
This time last year its services were available in B.C., Alberta, the Yukon and Northwest Territories.
It’s since spread to the rest of Canada, save for Quebec.
The company said in a release that the $7.35 million funding round “caps a year of 325% growth.”
