NowRX continues to raise capital on SeedInvest. The Reg A+ offering now stands at over $5.2 million backed by more than 2500 investors. NowRX now represents one of SeedInvests largest ever crowdfunding rounds.
The deal is for preferred equity at a pre-money valuation of $65 million. The total size of this Series B round is up to $20 million.
NowRX appears to be doing well on this round based on updated performance metrics. In an email distributed by SeedInvest, the platform pointed to NowRX growing top-line revenue by 30% in 5 months or $9.5 million in December vs $7.2 million in July.
Perhaps more interesting is the growth in the physician network which grew by 84% since the end of 2018. Today there are over 4500 doctors utilizing the service that is largely isolated to Orange County (LA) and San Francisco.
NowRX is like the Uber of prescriptions providing an on-demand service. Handled all online, the meds just show up the same day of the order. The meds are sourced at “highly automated micro-fulfillment centers” so a lower cost of real estate and potentially fewer employees. No more trips to CVS etc. Of course, the intent is to take the concept and expand it across the entire country.
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