NowRx, an on-demand pharmacy that provides same-day delivery, is returning to SeedInvest for its 3rd crowdfunded offering.
NowRx is seeking up to $20 million on a pre-money valuation of $65 million. Like many of the offerings on SeedInvest, investors get preferred equity in the Series B funding round.
NowRX says it raised $500,000 in the first 24 hours of going live and, as of today, the offering stands at $1.124 million.
Last year, NowRx completed a $7 million Series A found on SeedInvest representing the largest ever crowdfunding round on SeedInvest for a health care company.
In a release, NowRX CEO Cary Breese said:
“We have carefully developed and proved our disruptive on-demand model. With just our first pharmacy facility we have experienced amazing growth: 2018 revenue was $4.7M, up 90% year over year and, based on July 2019 revenue, our annualized run rate is $7.4M – and we are taking our proven concept into new markets.”
He added that, in his opinion, no one has the tech that NowRX has and the Pharmacy space is ripe for disruption.
A fully licensed pharmacy, NowRX delivers by car. No more queues or driving to the local drug store. NowRx reports that 90% of their customers plan to use the service again.
To date, NowRX has filled 100,000+ prescriptions for more than 18,000 customers. 4500 doctors have prescribed meds.
So can the Pharmatech firm scale? If they raise enough money they are going to find out.
The securities offering is being completed under Reg A+ and the SEC has qualified the filing.
The most recent Offering Circular is available here.
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