MOUNTAIN VIEW, Calif.,
Sept. 30, 2019 /PRNewswire-PRWeb/
-- NowRx, the on-demand, free same-day delivery pharmacy that
is disrupting the healthcare industry by reinventing pharmacy from
the ground up, today announced a third crowdfunding round on
SeedInvest, receiving over $500K in
reservations in its first 24 hours, one of the fastest ramp-ups in
SeedInvest's history. The company is raising $20 million on a pre-money valuation of
$65 million.
The NowRx model solves all the pain points in the traditional
pharmacy process: its proprietary software automation, robotics,
logistics and AI enable same-day, free delivery of all prescription
medications, saving consumers, to date, hundreds of thousands of
wasted hours previously spent waiting in pharmacy lines, while also
creating new efficiencies that remove millions of dollars in excess
costs from the pharmacy process.
The funding round, which has been qualified by the SEC, follows
last year's $7 million Series A
funding round, which was the largest healthcare crowdfunding round
ever at SeedInvest.com. The pharmacy space, one of the few
traditional industries that has not yet been disrupted via
technology, has seen over $470 million
dollars raised in the last year.
"We have carefully developed and proved our disruptive on-demand
model. With just our first pharmacy facility we have experienced
amazing growth: 2018 revenue was $4.7M, up 90% year over year and, based on
July 2019 revenue, our annualized run
rate is $7.4M – and we are taking our
proven concept into new markets," said Cary
Breese, CEO of NowRx.
With dramatically rising customer demand, NowRx recently
expanded from its flagship base in Mountain View to San
Jose, with other California
cities scheduled in the months to come, including Orange County in October. The new funding
round will further accelerate NowRx's expansion across California in 2019 and nationally in 2020.
"There is plenty of buzz around the need to improve the
$330bn pharmacy space, but no one has
used technology to solve all the pharmacy pain points the way NowRx
has," continued Breese.
"Unlike mail-based services that keep consumers waiting for
their medications - and are not ideal for delivering medications
that need special care (refrigeration, narcotics, urgent, etc.) -
NowRx's fleet of eco-friendly electric cars, own drivers, mobile
app and its automated pharmacy fulfillment centers, enable rapid,
free, same-day, hand delivery of all medications right to the
customer's door, while connection to a pharmacist for consultation
is just a click away."
To date, NowRx has filled over 100,000 prescriptions, served
more than 18,000 customers, and has received prescriptions from
more than 4,500 prescribing physicians, just in the Silicon Valley
area. Each NowRx facility has prescription fulfillment capability
equal to over 10 traditional pharmacies and robotics-driven
advanced pharma-technology that can fill a prescription every 30
seconds.
A fully-licensed pharmacy, NowRx has received multiple industry
certifications putting it well along the road to achieving critical
mass, including from Surescripts to handle ePrescriptions on their
nationwide network of 1.8 million physicians; from the DEA to
handle Controlled Prescriptions electronically, and from Caremark
for insurance claims. The company is also implementing the
telecommunication standard for insurance processing which enables
NowRx to handle all Commercial and Medicare claims.
"It's time the pharmacy process entered the on-demand economy.
No one stands in line at the bank, no one waits for taxis anymore,
but people still stand in line at the pharmacy surrounded by sick
people waiting for their prescriptions," continued Breese. "NowRx
solves that and more, by using cutting-edge technology and
logistics to dramatically cut the onerous overhead costs of
traditional pharmacies, enabling us to absorb delivery costs so the
customer doesn't have to. The proof is in the consumer response:
nearly 90% of our customers say they will use us again."
Click here for a video about NowRx and footage of
pharma-efficiency fulfillment technology at work.
Download the NowRx app for iOS devices or for Android devices
here.
Reg A+ Equity CrowdFunding (J.O.B.S. Act)
NowRx is offering securities through the use of an Offering
Statement that has been qualified by the Securities and Exchange
Commission under Tier II of Regulation A. A copy of the Final
Offering Circular that forms a part of the Offering Statement may
be obtained from:
https://www.nowrx.com/nowrx-offering-circular-series-b-preferred-pdf
This Company's profile and accompanying offering materials may
contain forward-looking statements and information relating to,
among other things, the Company, its business plan and strategy,
and its industry. These statements reflect management's current
views with respect to future events based information currently
available and are subject to risks and uncertainties that could
cause the Company's actual results to differ materially. Investors
are cautioned not to place undue reliance on these forward-looking
statements as they are meant for illustrative purposes and they do
not represent guarantees of future results, levels of activity,
performance, or achievements, all of which cannot be made. The
company does not undertake any obligation to revise or update these
forward-looking statements to reflect events or circumstances after
such date or to reflect the occurrence of unanticipated events.
About NowRx
NowRx is an on-demand pharmacy, founded with the goal of developing
software, artificial intelligence, robotics, and logistics to
create the most convenient retail pharmacy service available,
focused on free same-day delivery for prescription and OTC
medications, thereby eliminating the need to visit a pharmacy.
Dedicated to promoting better health and wellness through a
quicker, easier, more reliable way to access – and adhere to -
prescription medications, NowRx hand-delivers all available
prescription medications door-to-door, on the same day, through its
fleet of friendly, trained drivers. Using NowRx's proprietary
pharma-efficiency technology, NowRx's team of pharmacists fill
prescriptions at its locally-based, state-of-the-art, and
fully-licensed pharmacies. With NowRx, consumers can reach their
pharmacist on the second ring or instantly through video chat and
will never, ever waste time in pharmacy waiting lines again. Learn
more at http://www.nowrx.com
NowRx Media Contacts:
Angela Jacobson,
angela(at)mwebbcom(dot)com, 714.454.8776
Crystal Hartwell,
crystal(at)mwebbcom(dot)com, 714.987.1016
SOURCE NowRx