SmithRx Continues to Fix Broken Pharmacy Benefits Management System, Closes $60M in Series C Funding Led by Venrock

Jan 23, 2024•almost 2 years ago

Amount Raised

$60 Million

San FranciscoHospitals and Health Care

Investors

Venrock

Description

SmithRx, a next-generation pharmacy benefits management (PBM) company, closed a $60M Series C financing round led by top Silicon Valley healthcare venture capital firm Venrock. The latest funding positions SmithRx to continue reducing costs of pharmacy benefits for small and midsize self-insured businesses.

Company Information

Company

SmithRx

Location

San Francisco, California, United States

About

Our mission is to reduce the cost and complexity of pharmacy benefits for America’s employers and patients. Pharmacy benefits are broken. The overly complex monopolies built by big PBMs only serve their bottom lines. SmithRx is a transparent, pass-through pharmacy benefits manager for self-insured employers. We operate independently from insurance companies and pharmacies so that our incentives are 100% aligned with our customers. Our modern technology and innovative cost savings programs connect our members to the lowest cost drugs. Get in touch with us to today to learn how to save on your pharmacy spend!

Related People

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Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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