Series C Success: A $60 Million Leap Towards Transforming Healthcare

Written by

Jake Frenz

January 23, 2024

Today we’re excited to share a pivotal milestone in our journey at SmithRx: our $60 Million Series C financing round. This achievement, building on our $20M Series B round in 2022, is a testament to our collective commitment and effort to address a critical issue: the broken system of prescription medication management, often exploited by traditional PBMs. We exist to transform this landscape, ensuring that prescription medications are not only accessible but also fairly and affordably priced.

Fueling Our Vision: Transparent and 100% Pass-through Pharmacy Benefits for All 

At SmithRx, we are dedicated to supporting employers and individuals in accessing medications at the lowest cost available, simplifying the broken system that is pharmacy benefits, and empowering our users within a system that can often be overwhelming and opaque. 

This new round of funding, led by Venrock, marks a significant moment for us. It fuels our ongoing initiatives that have already made a mark in 2023. We've launched transformative programs like Autoimmune Savings  and Low-Cost Insulin, and established key partnerships with industry leaders like Mark Cuban Cost Plus Drug Company and Amazon Pharmacy. Each initiative is a step towards a healthcare system that is more accessible and transparent.

With this funding, we will continue to revolutionize the member experience. Our investment in technology is not just about efficiency; it's about creating meaningful, empathetic connections with our customers and members. We are also enhancing our pharmacy product, delving even deeper into our exploration of the most cost-effective pathways to medication.

Our investments are a pledge to the well-being of every individual who trusts us with their healthcare needs. We are not just investing in technology or products; we are investing in people's lives.

Considering the Future of PBMs with Optimism

As we embark on this new phase, we do so with a renewed commitment to our mission and a positive outlook. The increasing interest in 100% pass-through models like ours signifies a move towards more ethical practices, where transparency is not just a buzzword but a fundamental business principle. With this change, we are on the brink of an era where the interests of patients, payers, and providers are aligned, promising a more equitable and efficient healthcare system. We extend our heartfelt thanks to everyone who has supported us – from our dedicated team to our partners and clients who share our vision. Together, we are not just witnesses to this transformative era in healthcare; we are its architects. 

For those interested in learning more about our journey and the impact we're making, we warmly invite you to reach out

Written by

Jake Frenz

Founder and CEO, SmithRx

A new type of pharmacy benefits manager, SmithRx is working to reduce pharmacy costs by reimagining the traditional PBM as a Drug Acquisition Platform built on transparent modern technology that aligns with the needs of our customers.