PocketPills Raises $30 Million in Series B Funding to Fuel Same Day Delivery Nationwide
PocketPills, Canada’s largest and fastest-growing online pharmacy, announced the close of $30M in Series B funding, led by Canada’s most active corporate venture capital fund, TELUS Ventures. The investment will be used to broaden PocketPills’ product offering and further accelerate its national expansion, with facilities opening in Quebec and Alberta that will help achieve its goal of nationwide same-day delivery.
“We are committed to delivering a seamless digital experience to Canadians across all of Canada”
“We are committed to delivering a seamless digital experience to Canadians across all of Canada,” said Raj Gulia, Co-Founder and CEO, PocketPills. “We are the fastest growing online pharmacy with national reach and are dedicated to making pharmacy accessible, easy and affordable for all.”
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The round was led by TELUS Ventures with follow-on participation from WaterBridge Ventures. As the market leader in Canada’s digital health landscape, the TELUS Health team will deliver valuable expertise to the PocketPills team as they scale and develop new product offerings.
“TELUS Ventures is committed to making investments to accelerate the adoption and use of technology within the healthcare ecosystem in Canada,” said Rich Osborn, Managing Partner, TELUS Ventures. “Our investment in digital pharmacy aligns with our mission to digitally transform Canada’s healthcare ecosystem through the power of technology and connect the virtual continuum of care to improve access, experiences, and outcomes for all Canadians. We’re excited to support the innovative leaders at PocketPills as they drive further advancements in this space where there is a clear market need.”
PocketPills has established itself as Canada’s leading online pharmacy, with five times growth in 2020. The company has scaled operations across Canada, with pharmacy warehouses in British Columbia, Manitoba, Ontario, and Nova Scotia. With its Series B funding, PocketPills will invest further in technology and pharmacy automation and open facilities in Alberta and Quebec. PocketPills is a technology-first online pharmacy, and its research and development team of 30 software engineers allows for continuous product optimization and a pipeline of innovative product launches. Strong relationships with insurers, larger brokerages, and third-party administrators help to control the costs of prescription medication and provide convenience to members. Over 300,000 Canadians already have access to the platform, with numbers growing daily. Additionally, PocketPills is providing pharmacy APIs for anyone who wants to integrate.
“WaterBridge has proudly backed PocketPills since its inception in 2018 and has witnessed the company’s efficient approach to scale and product-led growth,” said Manish Kheterpal, Managing Partner, WaterBridge Ventures. “The PocketPills team has the expertise and vision to own the online pharmacy category in Canada, optimizing its offering, launching new products, and making same-day delivery a reality nationwide.”