SmithRx, a San Francisco, CA-based next-generation pharmacy benefits management (PBM) company, has closed a $60 million Series C financing.
The round was led by Silicon Valley healthcare venture capital firm Venrock.
Founded in 1969, Venrock is a corporate venture capital arm of the Rockefeller Family based in Palo Alto, California with additional offices in New York, primarily focusing on technology and healthcare. The firm seeks to invest in companies operating in the technology, healthcare, consumer, cryptocurrency, cybersecurity, defense & aerospace, security & infrastructure, financial technology, software-as-a-service, and artificial intelligence sectors based in the United States.
SmithRx Use of Funds
The company will use the funds to support its mission to deliver improved pharmacy benefits and reduce prescription costs. SmithRx aims to reduce the costs of pharmacy benefits for small and midsize self-insured businesses.
Founded in 2016, SmithRx is developing the next-generation modern pharmacy benefits management (PBM) platform that will change how companies administer and manage pharmacy benefits. The company focuses on providing access to affordable medications, leveraging technology to simplify processes and create cost-effective solutions for patients and plan sponsors. Its mission is to reduce the complexity and costs of pharmacy benefits with a cleaner business approach and the industry’s most advanced and flexible technology platform.
Company: Smith Health, Inc.
Round: Series C
Funding Month: January 2024
Lead Investors: Venrock
Company Website: https://www.smithrx.com/
Software Category: Pharmacy Benefits Management