Capital Rx is built around the mission of changing the way prescription drugs are priced and patients are serviced. A health technology company working to reimagine the pharmacy benefits industry, Capital Rx is executing on that mission through its Clearinghouse Model® – the first equitable framework for drug pricing.
Capital Rx announced the close of its $106M Series C funding led by B Capital, with participation from General Catalyst and existing investors, Transformation Capital and Edison Partners.
Capital Rx serves hundreds of thousands of covered lives, growing by 400% in 2020, and doubling in size in 2021. The company projects that it will have close to one million covered lives by the end of 2022.
With the closing, Capital Rx increases overall funding to $175M and welcomes Dr. Robert Mittendorff, General Partner and Head of Healthcare at B Capital, to the Company’s Board of Directors. B Capital Principal Nick Whitehead and Holly Maloney, Managing Director at General Catalyst, will join as board observers.
Capital Rx has spent several years building and commercializing JUDI™, the healthcare industry’s first Enterprise Pharmacy Platform. By unifying all operations into a single platform – plan build, implementation, claims adjudication, data exchange, prior authorization, client reporting, billing/reimbursement, member tools and more – JUDI™ delivers on the promise of improved care for patients and unrivaled operational efficiency for health plans, TPAs, PBMs, health systems, and prescribers.
Capital Rx was recently selected by WTW’s Rx Collaborative (RxC), as a new, transformative pharmacy benefits management (PBM) partner. Through this new RxC partner, employers will have access to Capital Rx’s cutting-edge technology and services.
Capital Rx was also recently selected by CDPHP as the health plan’s new pharmacy benefit manager (PBM). This decision, which takes effect on January 1, 2023, catapults the CDPHP pharmacy strategy ahead of its competitors, ensuring quality, cost, access, and transparency for patients, providers, and small and large businesses alike.
Takeaway: Capital Rx’s Series C round follows a year of record growth to date