- 80% year-over-year increase in H1 revenue - $3.2M in 2019 (audited) vs. $5.8M in 2020 (unaudited and subject to change pending audit)
- July 2020 revenue of $1.2 million, for annualized run rate of $14 million (unaudited)
- More than 30,000 customers and 200,000 prescriptions delivered
- In 2020, NowRx became a finalist in the Surescript's 2020 White Coat award for the Highest Prescription Accuracy (Tier 2 Pharmacy) category
- Saved customers more than $1mm in 12 months, using Quickfill's auto coupon search feature
- Total Amount Raised: US $998,320
- Total Round Size: US $1,446,762
- Series B :
- Minimum Investment: US $5,000 per investor
- : Preferred Equity
- US $65,000,000 :
NowRx is a technologically advanced, customer-centric pharmacy business, leveraging a comprehensive array of technologies including it's proprietary QuickFill pharmacy management software, end-to-end robotic dispensing, consumer and driver apps, and an advanced logistics platform that provides convenient, free same-day delivery for all prescription needs. NowRx is disrupting the pharmaceutical industry by replacing the traditional distribution model with an on-demand delivery model while providing a superior customer experience. By eliminating the dependency on store front retail space, NowRx operates out of DEA-licensed micro-fulfilment centers resulting in a fixed cost at a fraction of the cost of traditional pharmacies. An end-to-end, fully automated dispensing process driven by robotics and artificial intelligence provides further cost efficiencies.
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.
NowRx aims to transform the pharmacy delivery industry by providing nationwide free same day on-demand delivery of medical prescription drugs and OTC products, while improving the health of consumers by measuring and increasing prescription compliance.
Model: NowRx exists to provide the most convenient pharmacy experience available, with free, same-day delivery of prescription medications. Expedited one-hour delivery is also offered for a $5.00 charge. All pharmacy services are provided from a low cost, highly automated "virtual pharmacy" location, utilizing end-to-end robotic dispensing ("One-Click Fill") and artificially intelligent chat bots, coupled with NowRx drivers and plug-in electric vehicles, to provide a more efficient and effective pharmacy experience for busy customers.
For Customers & Physicians: We offer our services through the NowRx app, by text, by telephone, and through virtual assistants such as Google Home. Physicians are able to send prescriptions to NowRx through electronic prescribing, fax, the NowRx app, or telephone. Current services provided include fulfilling new prescriptions or refills, transferring prescriptions from other pharmacies, consulting pharmacists via phone, and applying of drug manufacturer coupons.
Data-Driven: NowRx's business automatically generates a substantial database recording a wealth of medical prescription data. This affords the company the opportunity to develop, using machine-learning techniques, powerful tools to initiate pharmacy interventions for patients more likely to miss a dose or refill (NowRx Medication Adherence Index), thereby providing better medication adherence and improved health outcomes.
Market & Vision: NowRx is responding to the rapidly increasing consumer demand for services delivered same-day and managed by convenience of mobile apps, chat bots, and voice-activated assistants. The on-demand economy has already attracted more than 22.4 million consumers annually and $57.6 billion in spending. Retail pharmacy is 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 significantly reduces the need for its customers to 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.
One day in early 2015, Cary Breese left his doctor's office with a prescription in hand and drove across town to his local pharmacy where he found himself waiting in three separate lines: the first to drop off the prescription, the second to pay (after a 20 minute wait for the medication to be counted out by hand!), and the third to speak to the pharmacist. Cary found himself thinking: in a new world of on-demand where you can order a car to pick you up within a few minutes, or have practically any retail product delivered to your doorstep, how can it be that the status quo for picking up medications requires you to drive to a pharmacy, stand in multiple lines, and often wait for 20-30 minutes or more for your prescription to be prepared?
Cary immediately called his friend and former work colleague, Sumeet Sheokand, a technical wizard. Together they researched the industry and surrounded themselves with industry experts. Cary and Sumeet jumped in and NowRx was born.
Four years later NowRx has 5 licensed facilities spread across the San Francisco Bay area, Orange County, and Los Angeles, and has delivered more than 200,000+ prescriptions to 30,000+ customers.
NowRx is now preparing for its nationwide expansion in 2020 and beyond.
Live Offering Perks:
For those who invest $5,000:
- Quarterly investor update emails
For those who invest $7,500:
- All the above plus
- Participation in annual investor call with CEO
For those who invest $10,000:
- All the above plus
- “Hydro Flask” with NowRx logo
For those who invest $25,000:
- All the above plus
- Yearly group video chat session with CEO
For those who invest $50,000:
- All the above plus
- Yearly one-on-one video chat session with CEO
- Attendance at group leadership dinner in Bay Area, CA
For those who invest $100,000:
- All the above plus
- Participation in quarterly group investor call
- One-time private tour of NowRx facility with CEO
For those who invest $250,000:
- All the above plus
- Quarterly one-on-one video session with CEO
- Attendance at annual private leadership dinner in Bay Area
- Participate in annual private tour of a NowRx facility with CEO
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by NowRx. Once NowRx accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to NowRx in exchange for your securities. At that point, you will be a proud owner in NowRx.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because NowRx is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page by clicking your profile icon in the top right corner.
Currently there is no market or liquidity for these securities. Right now NowRx does not plan to list these securities on a national exchange or another secondary market. At some point NowRx may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when NowRx either lists their securities on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is NowRx's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in NowRx’s profile.