Online pharmacy PocketPills scores C$30m in Series B

Vancouver-based online pharmacy PocketPills has secured nearly C$30 million in a Series B financing.

Vancouver-based online pharmacy PocketPills has secured nearly C$30 million in a Series B financing. The round was led by Telus Ventures, the venture capital arm of Telus Corp, with participation from WaterBridge Ventures. The funds raised will support PocketPills’ product offering and accelerate its national expansion.

PRESS RELEASE

VANCOUVER, British Columbia–(BUSINESS WIRE)–PocketPills, Canada’s largest and fastest-growing online pharmacy, announced today the close of $30M in Series B funding, led by Canada’s most active corporate venture capital fund, TELUS Ventures. The investment will be used to broaden PocketPills’ product offering and further accelerate its national expansion, with facilities opening in Quebec and Alberta that will help achieve its goal of nationwide same-day delivery.

“We are committed to delivering a seamless digital experience to Canadians across all of Canada,” said Raj Gulia, Co-Founder and CEO, PocketPills. “We are the fastest growing online pharmacy with national reach and are dedicated to making pharmacy accessible, easy and affordable for all.”

The round was led by TELUS Ventures with follow-on participation from WaterBridge Ventures. As the market leader in Canada’s digital health landscape, the TELUS Health team will deliver valuable expertise to the PocketPills team as they scale and develop new product offerings.

“TELUS Ventures is committed to making investments to accelerate the adoption and use of technology within the healthcare ecosystem in Canada,” said Rich Osborn, Managing Partner, TELUS Ventures. “Our investment in digital pharmacy aligns with our mission to digitally transform Canada’s healthcare ecosystem through the power of technology and connect the virtual continuum of care to improve access, experiences, and outcomes for all Canadians. We’re excited to support the innovative leaders at PocketPills as they drive further advancements in this space where there is a clear market need.”

PocketPills has established itself as Canada’s leading online pharmacy, with five times growth in 2020. The company has scaled operations across Canada, with pharmacy warehouses in British Columbia, Manitoba, Ontario, and Nova Scotia. With its Series B funding, PocketPills will invest further in technology and pharmacy automation and open facilities in Alberta and Quebec. PocketPills is a technology-first online pharmacy, and its research and development team of 30 software engineers allows for continuous product optimization and a pipeline of innovative product launches. Strong relationships with insurers, larger brokerages, and third-party administrators help to control the costs of prescription medication and provide convenience to members. Over 300,000 Canadians already have access to the platform, with numbers growing daily. Additionally, PocketPills is providing pharmacy APIs for anyone who wants to integrate.

“WaterBridge has proudly backed PocketPills since its inception in 2018 and has witnessed the company’s efficient approach to scale and product-led growth,” said Manish Kheterpal, Managing Partner, WaterBridge Ventures. “The PocketPills team has the expertise and vision to own the online pharmacy category in Canada, optimizing its offering, launching new products, and making same-day delivery a reality nationwide.”

About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures was founded in 2001 and is one of Canada’s most active corporate venture capital funds. TELUS Ventures has invested in over 90 companies since its inception with a focus on innovative technologies such as Digital Health, IoT, AI, and Security. TELUS Ventures is an active investment partner and supports its portfolio companies through mentoring; exposure to TELUS’ extensive network of business and co-investment partners; access to TELUS’ technologies and broadband networks; and by actively driving new solutions across the TELUS ecosystem.

About WaterBridge Ventures
WaterBridge Ventures (WBV) is the 1st institutional investor in disruptive companies. WBV’s founders’ first approach, deep engagement model, and network strength have led to many robust partnerships between the firm and its entrepreneur partners. Besides PocketPills, some of its leading investments include Atlan, Bijnis, Chalo, CityMall, Doubtnut, MagicPin, Unacademy and ZipLoan.

About PocketPills
By combining technology and personalized service, PocketPills is improving the way prescriptions are filled, delivered, and managed. Established by two pharmacists and an engineer in 2018, PocketPills was formed with the vision of making medication management simple. No more sorting pills, waiting in line, or chasing refills. PocketPills’ solution is an end-to-end system built from the ground up, with members at its core. Through an easy-to-use online platform, members can access the pharmacy whenever they want, wherever they are.

For more information on PocketPills, visit: www.pocketpills.com.