Capital Rx Closes $106M Series C to Improve Prescription Management and Healthcare Infrastructure
NEW YORK, June 13, 2022 /PRNewswire/ -- Capital Rx, a health technology company changing the way prescription drugs are priced and patients are serviced, today 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. 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. JUDI is built to be the future infrastructure of healthcare, driving administrative cost down while improving the patient experience. Leveraging modern architecture that collapses the silos of information between healthcare stakeholders, the platform improves pharmacy network management tools and allows for faster implementations of more highly customizable benefit designs to support the next generation of value-based contracts. In addition, as a cloud-based, serverless platform built on an open API architecture, JUDI™ delivers unlimited scale and ease of integration.
"Capital Rx has the clearest vision we've seen in the market for how to transform the infrastructure of healthcare to enable better care at a lower cost," said Dr. Robert Mittendorff, General Partner at B Capital. "AJ and team have made incredible progress in modernizing and unifying the operating platform for prescription drug pricing and delivery, showing industry partners, employers, and American consumers that a new level of care delivery and patient experience is possible for prescription drug access and pricing."
Nick Whitehead continues, "Our thematic work in the PBM space has confirmed that Capital Rx has the most advanced tech stack and solution to power next generation PBMs."
JUDI was built to service the full market enterprise: all members and all products, including commercial, Medicare, and Medicaid lines of business. JUDI ensures that even the most complex prescription drug plans are flawlessly implemented in a fraction of the time compared to legacy systems. The blend of a more efficient operating platform and NADAC-based pricing allows Capital Rx customers to save an average of 27% on their prescription drug spend, while also earning the company an industry-leading 96 Net Promoter Score.
"Our country cannot continue to operate on disparate and antiquated technology, and our goal is to provide our nation the infrastructure it needs for the healthcare system we deserve," said AJ Loiacono, CEO of Capital Rx. "We're thrilled to partner with B Capital and General Catalyst as we accelerate the adoption of JUDI and establish a new standard for claim administration."
Capital Rx's Series C round follows a year of record growth to date, highlighted by new customers WTW, the world's largest pharmacy benefits purchasing coalition, and CDPHP, a major New York state health plan. Customer retention rate is a remarkable 99.5%, and Capital Rx's consumer membership grew 200% over the previous year, on track to add over 1 million new lives for the 2023 plan year.
About Capital Rx
Capital Rx is built around the mission of changing the way prescription drugs are priced and patients are serviced. A health technology company daring to reimagine the healthcare industry, Capital Rx is executing on that mission with its enterprise pharmacy platform JUDI®, which connects every aspect of the pharmacy ecosystem in one platform, enabling patient engagement and increasing efficiency to achieve the highest standards of clinical care. For more information, visit www.cap-rx.com.
About B Capital
B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With over $3.5 billion in assets under management across multiple funds, we focus on seed to late-stage growth investments, primarily in the enterprise, financial technology, and healthcare sectors. Founded in 2015, B Capital leverages an integrated team across eight locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets, and build exceptional companies. For more information, click here.