Pharmapacks, LLC, an Islandia, NY-based ecommerce enablement platform and retail seller for brands across the major ecommerce marketplaces, received a growth financing of up to $150m.
GPI Capital and JPMorgan Chase Bank participated in the transaction, joining Series A investors, including Reckitt Benckiser (leading consumer goods company and maker of Lysol), McKesson (one of the world’s largest healthcare companies), SealedAir (one of the world’s leading packaging companies), and the Emerson Group (a leading consumer products equity organization).
The company intends to use the funds to accelerate its expansion plans.
Led by Andrew Vagenas, Chief Executive Officer, Pharmapacks is an e-commerce company with a proprietary technology platform featuring a logistics, fulfillment, marketing and sales solution. The company has a premier team of eCommerce experts with over 10 years’ experience and 850 employees connecting consumers to their favorite brands on online marketplaces such as Amazon, Walmart, Google, eBay and Facebook.
Pharmapacks serves as a “launch pad” for emerging brands by giving a select amount of lesser-known brands access to its e-commerce platform and consumer base. This enables brands to focus on product research and development, while the company strategically sets competitive price points and builds a connection between the consumer and the brand.
The company reached over $250MM in sales in 2019 and is on a current run rate to achieve more than 70% year-over-year growth and, with the opening of a 230k square foot replenishment center in late Q3, 100% year-over-year growth in Q4.