Zipdrug Closes $2.6 Million In Seed Round Funding To Accelerate Expansion Plans

Same Hour Prescription Delivery Platform Gains Investors and Significant Funding, Solidifying its Status as the Leader in On-Demand Rx Delivery

Nov 18, 2015, 13:45 ET from Zipdrug

NEW YORK, Nov. 18, 2015 /PRNewswire/ -- Zipdrug, the leading on-demand prescription medication delivery company, today announced that it has closed a $2.6 million seed funding round, led by Collaborative Fund.  Zipdrug will be using the proceeds to open new markets, grow its internal team and enhance the platform's capabilities as it scales its efforts to power a better pharmacy experience. 

"After experiencing a significant spike in demand following our pilot, this funding will allow Zipdrug to accelerate its growth," said Stu Libby, CEO of Zipdrug. "Our investors are able to add value across our enterprise and consumer efforts to capitalize on this massive multi-billion dollar opportunity: getting medications into the hands of patients on-demand, without the need to switch or visit their pharmacy."

Zipdrug works with all retail pharmacies and through its platform is able to deliver medications to patients within the hour of placing an order. Orders can be placed by healthcare providers, patients or pharmacies when a prescription is electronically sent to the pharmacy or when a refill is ready for pick-up. HIPAA-compliant, drug-screened and background-checked messengers arrive promptly with the patient's medications and customers are able to track the real-time delivery progress on an interactive map. One in three scripts written are never filled, and Zipdrug's plan is to drastically reduce this systemic problem in healthcare.

Zipdrug is tackling the issue of medication non-adherence that costs 125,000 lives per year and is responsible for $300 billion of preventable cost to American healthcare. By delivering medications within the hour and improving adherence rates, Zipdrug can improve patient outcomes and reduce overall healthcare costs. Investors in this round include Lux Capital, entrepreneur Brian Lee, Montage Ventures, Mesa Ventures and Metamorphic Ventures.

"Helping existing health and wellness organizations deliver a superior experience using modern technology is a massive opportunity," said Craig Shapiro, managing partner at Collaborative Fund. "The Zipdrug team has demonstrated an early ability to capture demand for its service and we are excited to support their continued growth."

Zipdrug estimates that it's already saved New Yorkers thousands of hours of wasted time going to and waiting at the pharmacy for their medications.

For more information, please visit www.zipdrug.com

About Zipdrug:

Zipdrug is an on-demand prescription delivery service available online and through mobile applications. Patients simply enter payment and delivery details; snap a photo of their insurance card and in one simple click, a HIPAA-trained Zipdrug messenger is dispatched to deliver the prescription(s). Zipdrug automatically applies any available discounts to the patient's medications reducing costs as a part of its service. The service is available for both one time and recurring prescriptions and patients can receive their medications from their preferred pharmacy.

SOURCE Zipdrug



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