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SmithRx Raises $9 Million in Series A funding

SmithRx Raises $9 Million in Series A funding

Pharmacy benefit manager SmithRx today announced that it has secured $9 million in Series A funding. Founders Fund led the investment round, with participation from Blumberg Capital, NextGen Venture Partners, Box Group, and others.

A San Francisco-based company, SmithRx was founded in 2016 to create a cost-competitive pharmacy benefits platform that offers clients a single technology platform, a proven pass-through model, concierge-level service, and strong drug cost, rebate, and service-level guarantees.  

“Americans spent $460 billion at the pharmacy in 2016 according to QuintilesIMS, which is almost double the spend from 10 years ago,” said Jake Frenz, SmithRx founder and CEO. “From limited choice to antiquated technology and dissatisfaction amongst clients and members, this is one of the largest, yet least recognized problems in healthcare.” SmithRx aims to offer a new option.

The financing will support the company as it scales and delivers a broad technology solution to change the way pharmacy benefits are managed.

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