VANCOUVER — Telus Ventures announced today it has invested in PocketPills, a Canadian online pharmacy with warehouses in British Columbia, Manitoba, Ontario and Nova Scotia which is looking to expand further.
In a press release, PocketPills says it has raised $30 million in Series B funding, led by Telus Ventures, with follow-on participation from WaterBridge Ventures. The online pharmacy says it will use the funding to invest further in technology and pharmacy automation and to open facilities in Alberta and Quebec, which will help achieve its goal of nationwide same-day delivery, the company says.
“Telus Ventures is committed to making investments to accelerate the adoption and use of technology within the healthcare ecosystem in Canada,” said Rich Osborn, managing partner of Telus Ventures, in the press release. “Our investment in digital pharmacy aligns with our mission to digitally transform Canada’s healthcare ecosystem through the power of technology and connect the virtual continuum of care to improve access, experiences, and outcomes for all Canadians. We’re excited to support the innovative leaders at PocketPills as they drive further advancements in this space where there is a clear market need.”
According to PocketPills’ press release, the company experienced five times growth in 2020 and already has more than 300,000 Canadians accessing its platform. Its research and development team of 30 software engineers allows for continuous product optimization and a pipeline of innovative product launches, the company says.
“Strong relationships with insurers, larger brokerages, and third-party administrators help to control the costs of prescription medication and provide convenience to members,” reads the press release. “Additionally, PocketPills is providing pharmacy APIs for anyone who wants to integrate.”
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