NowRX is raising growth capital on SeedInvest and it is nearing its $20 million crowdfunding goal, according to the offering page.
NowRX is an on-demand pharmacy, a new entrant in the gig-economy that is perfectly positioned for the new COVID-19 reality. NowRX seeks to disrupt traditional pharmacies, like the CVS’s of the world, by providing same-day delivery on prescriptions requested via a mobile app, text, email etc. No need to drive and wait for a prescription to be filled.
NowRX’s model is to establish a network of low cost, highly automated fulfillment centers with “end to end robotic dispensing.” Prescriptions are then given to NowRX drivers who then deliver the meds. The company offers free delivery but expedited one-hour delivery can be had for a $5 fee.
The Pharmatech is sizing up a business that is estimated to be a $260 billion industry.
“We believe it’s only a matter of time before the bulk of the pharmacy industry will fulfill customer needs through same-day delivery and customers standing in line at a pharmacy counter will be a thing of the past. By offering a much more convenient, efficient, and zero cost service, NowRx eliminates the need for its customers to ever visit crowded pharmacies, enabling them to stay at home with their families or remain in their office or at their place of business. Furthermore, NowRx increases the likelihood of timely prescription fills, encourages medication adherence, reduces the number of missed refills, ultimately reducing costs to health plan insurers and providing better consumer health. For employers, NowRx can improve worker productivity by eliminating time employees spend off-campus having prescriptions filled and reduce overall health plan costs through better medication compliance.”
NowRX is targeting one sector of e-commerce that Megatech Amazon has yet to disrupt.
As it stands today, NowRX has raised $16.8 million, making it one of the largest Reg A+ offerings year to date. A total of 8411 investors have committed capital so far in a company with a pre-money valuation of $65 million. The offering is available for four more days before it is scheduled to close.
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