Truepill, a digital health startup that combines pharmacy fulfillment, telehealth, and at-home testing services for customers, has raised $142 million in new funding to expand its reach with health insurers, physicians, and employer groups. Truepill has achieved unicorn status with the newest investment round, with a total valuation of $1.6 billion, according to the firm.
- Funds: The series D funding round was led by an undisclosed partner, with participation from existing investors Initialized Capital and TI Platform Management. Truepill has raised $256 million in total funding to date, including a $75 million Series C in August 2020.
- Focus: When startup Truepill launched four years ago, it initially focused on providing the pharmacy fulfillment backbone for direct-to-consumer brands like Hims and Nurx. The company’s ambitions have grown as it expanded its technology capabilities, including the launch of a nationwide telehealth network back in July 2020.
- Demands: Truepill has seen exponential demand for its consumer healthcare platform. When COVID-19 fundamentally disrupted the healthcare industry, the need for digital experiences soared and Truepill’s growth accelerated at an unprecedented rate, according to the company.
- Announcement: In September, the company announced plans to roll out an at-home lab testing network, boosted by a $75 million Series C funding round. Truepill said it has built out a network of certified and accredited labs since then and now supports a catalog of more than 100 at-home tests and thousands of in-person tests. These services are white-labeled for use across various types of healthcare companies, Truepill said and can be initiated by patients or deployed as part of an organization’s COVID-19 wellness program.
- Experience: “When we started Truepill in 2016, we set out to revolutionize the patient experience from the backend and, in the process, created the defining platform for digital consumer healthcare,” said Umar Afridi, CEO, and co-founder of Truepill, in a statement. “No matter what program they’re building, our partners can pick the components they want, tailor a solution to their specific needs and scale up operations as they grow.”