NowRx, a Medtech firm for the times, has now topped $8 million on SeedInvest as almost 4000 investors have backed the Reg A+ crowdfunding round.
As has been previously reported, NowRx is an on-demand pharmacy providing free delivery. Kind of like the Uber Eats of drugstores. Order your meds (prescription and over the counter) and they show up. As there is no need to cover the cost of a brick and mortar retail location, NowRx can keep costs down.
Of course, during the new reality of social distancing and lockdowns due to the COVID-19 pandemic, NowRx starts to sound like a no-brainer.
NowRx currently has 5 licensed facilities across the San Francisco Bay area, Orange County, and Los Angeles, and reports having delivered over 90,000 prescriptions to 16,545 customers. So the company is still small.
But announced earlier this month, NowRx has kicked off its nationwide expansion with its first location outside California (Arizona).
In a blog post from late last month, CEO and founder Cary Breese said that his company has seen an increase in new customers due to the Coronavirus. Some users want to transfer their prescriptions from other pharmacies, and some existing customers are ordering multiple months of medications.
Once the Coronavirus crisis moves on, expect the NowRx service to remain in place as people are going to be more inclined to choose delivery instead of a trip to the local drugstore.
NowRx is offering preferred equity to investors at a pre-money valuation of $65 million. You can read the Offering Circular here.
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