Capital Rx Announces Funding Round of $400M to Accelerate AI-Powered Health Benefits Platform; Rebrands as "Judi Health" to Reflect Expansion Beyond Pharmacy

The oversubscribed round, led by Wellington Management and General Catalyst, will be used to enhance and scale the Company's Enterprise Health Platform, and transform health benefit management and administration for employers and plans

Rebrand signals the Company's evolution as a full-spectrum benefits technology partner for employers and health plans, including its next-generation pharmacy benefit manager (PBM)

NEW YORK, Sept. 23, 2025 /PRNewswire/ -- Capital Rx, Inc., the enterprise health technology company and benefit administrator, today announced a $400 million investment, including a $252 million Series F funding round along with additional investments into the Company's securities, scheduled to close in early October, led by Wellington Management and General Catalyst, with participation from Generation Investment Management, Growth Equity at Goldman Sachs Alternatives, 9Yards Capital, B Capital, Edison Partners, Prime Health Investments, and Transformation Capital, among others. Concurrent with the investment, the Company is rebranding as Judi Health™ to better reflect its roots and broadened capabilities as a full-service health benefits technology company helping employers design and manage health benefit programs that meet their unique needs.

The transition to Judi Health and supportive funding marks a pivotal moment in addressing the fundamental inefficiencies of health benefits administration and the rising cost of care in the U.S., which is projected to jump almost 9% in 2026, marking the sharpest increase in over a decade. Despite this drastic increase in cost, Americans' health outcomes are getting worse. Patients struggle to understand the true cost of their healthcare visits, prescriptions, and procedures, and this lack of transparency often results in delayed or deferred care for what could be a life-saving treatment. 

"Judi Health is rewriting the playbook for how benefits are delivered," said Joshua Sommerfeld, Healthcare Sector Lead at Wellington Management. "By combining a transparent PBM model with a scalable, AI-powered platform, they're building the infrastructure for the next generation of health benefit administration. Employers are demanding better solutions, and Judi Health is uniquely positioned to meet that moment."

The oversubscribed financing round will help the company expand its PBM operations and fuel the deployment of Judi Health's Enterprise Health Platform (EHP) to bring a full suite of employer-facing health benefits services that meet evolving customer needs with clarity and flexibility through brands including:

• Capital Rx, which will continue to operate as an industry-leading, transparent PBM, recognized for its flat-fee-based, aligned pricing model, member-centric service approach, and operational efficiency.
• Judi Health™, the company's full-service health benefit management platform that integrates unified care navigation through Judi Care™ for pharmacy, medical, vision, and dental benefits with unified claim administration and related workflows, allowing employers and plan members to easily manage all their health benefits through a single solution.
• Judi^®, short for adjudication, is the company's purpose-built EHP. Judi^® provides administrative workflows for millions of plan members across Fortune 500 companies, the largest unions in America, leading health systems, Medicare and Medicaid plans, and top academic institutions.

"With Judi, Capital Rx has built a platform that not only meets the needs of today's employers and health plans, but is engineered to adapt and grow with them," said Holly Maloney, Managing Director at General Catalyst. "We believe their leadership in transparent PBM and their vision to unify pharmacy and medical benefits represent a transformative shift in healthcare administration, and we look forward to deepening our relationship."

Founded in late 2017 by Chief Executive Officer AJ Loiacono and Chief Technology Officer Ryan Kelly, Judi Health has earned national recognition for its technology advancements and aligned pricing model in pharmacy benefit management, a foundation it will maintain and build upon. With more than 4 million employer PBM members and over 54 million health plan lives already contracted to run on the Judi platform, developed from the ground up, the company is entering the broader health benefits market as an innovator and leader with deep experience, proven infrastructure, and a robust customer base.

"We believe that Judi Health is building the foundational infrastructure for a more transparent U.S. healthcare system," said Jonah Surkes, Director at Generation Investment Management. "For as long as health benefits remain obscured by misaligned incentives and legacy technology, patients will continue to suffer, whether at pharmacy counters or hospital beds. Today, as Judi Health expands from pharmacy into unified claims and full benefit administration, we see it reaching a critical inflection point — and we are pleased to partner with them at this moment of acceleration."

"We've seen unprecedented demand for Capital Rx, our transparent pharmacy benefit offering, and with the introduction of Judi Health, we are able to help our customers also administrate medical, dental, and vision benefits on a single platform," said Loiacono. "The U.S. healthcare ecosystem has far too many 'rent seekers' inflating costs, hiding fees, and delivering substandard care due to a combination of misalignment and a reliance on antiquated technology. Judi Health is not just the promise of better care; it is the technology that powers the future of U.S. healthcare."

About Judi Health
Judi Health is a health technology company providing a comprehensive suite of solutions for employers and health plans, including:

• Capital Rx: a public benefit corporation delivering full-service pharmacy benefit management (PBM) solutions to self-insured employers
• Judi Health™: full-service health benefit management for employers, TPAs, and health plans
• Judi^®: a single, scalable SaaS solution that health plans can utilize to manage all their claim workflows

Through these solutions, Judi Health is executing on its mission to give our country the infrastructure it needs for the healthcare we deserve. To learn more, visit www.judi.health.

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SOURCE Capital Rx