SmithRx, a San Francisco, CA-based pharmacy benefits management (PBM) company, raised $60M in Series C funding.
The round was led by Venrock.
Led by Jake Frenz, Founder and CEO, SmithRx is working to reduce complexity and cost by building a new type of pharmacy benefits manager (PBM). Combining advanced technology, a member-centric approach, and cost savings programs, it is making prescriptions more affordable and delivering valuable simplicity, transparency, and savings to main street businesses. The company is working for pharmacy benefits for small employers across the United States.
Commenting on the news, Jake Frenz said: “At the core of this broken system are pharmacy benefit managers that drive up the costs. As a result, Americans can’t afford the drugs they need. The SmithRx model provides access to lifesaving and innovative drugs at low cost to patients. We use technology to simplify and create a viable path forward for plan sponsor clients, patients, brokers, and manufacturers.”
FinSMEs
24/01/2024