NowRX, has returned to SeedInvest for its Series C funding round. According to the offering page, NowRX is raising capital at a pre-money valuation of $275 million. The size of the round is indicative of the ability for more mature firms to raise capital online.
This is the 4th time NowRX has utilized the SeedInvest platform with its Seris B round raising around $20 million – SeedInvest’s largest securities offering to date.
NowRX is raising money using the Reg A+ securities exemption. The company is hoping to raise over $73 million.
For individual investors, there is a $998 minimum investment for preferred equity. Both accredited and non accredited may participate. Currently, the offering is accepting indications of interest by investors.
NowRX is a modern-day pharmacy that allows users to receive medications the same day via a delivery service. In 2020, NowRX reports generating around $13.4 million in top line revenue – an increase of 90% versus year prior. In the first 6 months of 2021, NowRX says it generated about $9.8 million so the growth continues. NowRX is expanding its services after launching in the Bay Area and Orange County, NowRX has established operations in Arizona.
Same-day delivery is free but (currently) it can be expedited for a $5 fee. Operationally, NowRX leverages “highly automated virtual pharmacies”.
So will Amazon enter to challenge NowRX? Or will Walgreens or CVS step in and up their game to drive more competition? Perhaps. Especially if NowRX’s model is a long term success.
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