The Series D funding brings Truepill to a $1.6B valuation. Here are the top-line bullets you need to know.
Truepill, a digital health platform, has raised $142M in a Series D that drew participation from Initialized Capital and TI Platform Management, among others.
How’s the company performing?
- Hayward-based Truepill’s digital health platform brings together pharmacy, diagnostics, and telehealth to provide customizable, direct-to-patient healthcare solutions. Its services include telehealth consultations, at-home lab testing, and pharmacy fulfillment services.
- The company has reportedly processed roughly 1M diagnostic tests and shipped approximately 10M prescriptions to date. It also claims to conduct more than 50K telehealth visits per week.
- The company has collaborated with healthcare organizations such as SingleCare, Simple Health, NURX, and TherapeuticsMD.
- Truepill, which expects to see $200M in revenue by the end of the year, is supported by a team of more than 300 employees.
Why does the market matter?
- The global e-pharmacy market is projected to grow at a CAGR of 16% to reach a value of $38B by 2027, according to FutureWise Research.
- The increasing use of digital devices and the technological advancement enabling virtual doctor consultations and digital prescriptions are driving market growth.
- The demand for remote consultations and online shopping options has risen significantly amid the Covid-19 pandemic.