NEW YORK--(BUSINESS WIRE)--Medly Pharmacy, an industry leading full-service digital pharmacy, announced today that venture capital firm Greycroft led the company’s Series A funding round. Proceeds will be used to fund Medly Pharmacy’s national expansion. While bootstrapped, Medly Pharmacy’s annualized 2017 revenue grew ten-fold in 2018 and is expected to be in the hundreds of millions of dollars by 2020. Headquartered in the heart of Brooklyn along with a satellite office in New Jersey, the number of employees grew from zero to 250 since inception in 2017. With this added funding, Medly Pharmacy plans on at least doubling employee count by 2020 and projects in serving tens of thousands of customers by 2020.
Since launching in 2017, Medly Pharmacy’s founders, who are second generation pharmacy owners, have provided exceptional service to thousands of customers in the greater New York and New Jersey area with a few simple goals in mind: putting the consumer first, maintaining a human experience, and keeping customers healthy.
“Greycroft is proud to invest in Medly Pharmacy,” says Ian Sigalow, Co-Founder & Partner of Greycroft. “Medly Pharmacy has been very successful in its initial markets, and we believe there is a huge opportunity to build a national pharmacy chain that distinguishes itself through better customer service. We are happy to support, advise, and empower the team to build the best digital pharmacy in the United States.”
Medly Pharmacy varies greatly from other competitors in the market by humanizing the digital pharmacy experience. Medly Pharmacy offers free, same-day delivery to all patients and prides itself on transparency by offering customers the lowest cost co-pay options at all times, each of which is visible within the Medly Pharmacy App.
“Our goal is to build a pharmacy first and layer technology as an enabler to help us provide the best customer experience possible,” says Dr. Marg Patel, CEO and Co-Founder of Medly Pharmacy. “This Series A funding from Greycroft will allow Medly Pharmacy to expand its national presence and to continue providing our customers the best value on the market.”
Medly Pharmacy also works directly with doctors to assist with drug coverage and refill management, so patients no longer have to deal with the hassle of standing in line at the pharmacy, coordinating with doctors and insurance companies to get prescriptions covered, and getting the all-too-common runaround that many have experienced at one time or another managing prescriptions. As a result, Medly Pharmacy’s services allow customers to feel better, quicker, which is the company’s primary mission.
Medly Pharmacy is more than a digital-only service. It offers dedicated brick-and-mortar locations, which will also expand nationwide to create a better customer experience overall.
About Medly Pharmacy
Medly Pharmacy is a full-service, digital pharmacy that delivers a patient's prescriptions to them for free on the same day, anywhere in New York City and New Jersey. The digital experience makes managing prescriptions simple, efficient, smart and most importantly, safe for customers. More information can be found at https://medlypharmacy.com.
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeahka. For more on Greycroft visit: https://greycroft.com