What is MedAvail?
Founded in 2012 and headquartered in Mississauga, Ontario, MedAvail is commercializing healthcare technology designed to streamline the dispensary of prescription drugs through an automated, self-service kiosk solution. The company aims to improve patient access and convenience by bringing pharmacy services directly to consumers in accessible locations. This strategic capital infusion positions MedAvail to scale its operations and enhance its technology offerings within the evolving healthcare landscape.
How much funding has MedAvail raised?
MedAvail has raised a total of $137.6M across 4 funding rounds:
Series A
$7M
Series C
$30M
Unspecified
$16.6M
Unspecified
$84M
Series A (2011): $7M, investors not publicly disclosed
Series C (2014): $30M led by Deerfield, Pura Vida Investments, LLC, Walgreens Inc., Adage Capital Management, L.P., Redmile Group, and Alliance Boots GmbH
Unspecified (2018): $16.6M supported by Express Scripts, Redmile Group, Lewis & Clark Venture Capital, Pura Vida Investments, Adage Capital Management, and Deerfield
Unspecified (2020): $84M featuring ADAGE CAPITAL MANAGEMENT LP, Redmile Group , LLC, Maven Investment Partners, Heights Capital Management,, PURA VIDA INVESTMENTS LLC, Cigna Ventures, Ally Bridge Group, and Lewis & Clark Venture Capital LLC
Key Investors in MedAvail
Ally Bridge Group
Ally Bridge Group is a global healthcare investment management firm specializing in high-impact life science innovation, managing over $6 billion in transactions since its inception in 2013. The firm operates from offices in New York and Hong Kong, focusing on both private equity and public equity strategies across the healthcare sector.
Deerfield
Deerfield Management is an investment firm focused on advancing healthcare through investment, intelligence, and philanthropy. The firm supports companies across the healthcare ecosystem with flexible funding models and drives innovation using AI, data, and market research.
Walgreens Inc.
Walgreens is a longstanding American retail pharmacy and healthcare services company with roots dating back to its founding in Chicago at the turn of the twentieth century. It has grown over more than a century into one of the largest and most recognized drugstore chains in the United States.
What's next for MedAvail?
The substantial enterprise-level funding, particularly the recent strategic investment, indicates MedAvail is likely in a scaling phase, focusing on expanding its kiosk network and potentially exploring new market segments or partnerships. This capital will be instrumental in solidifying its competitive advantage, further developing its proprietary technology, and navigating the complex regulatory environment of the healthcare sector. The company's focus on innovation in drug dispensing suggests a forward-looking strategy to address inefficiencies and enhance patient experience in pharmaceutical access.
See full MedAvail company page
