DiRx, a digital health company that delivers significant savings on commonly prescribed, FDA-approved generic medicines through its online pharmacy platform without the need for insurance, today announced that it has successfully raised a total of $10 million in Series A funding, updating its previous announcement of having initially raised $5.75 million in September 2021 during the first phase of the round.
This funding will continue to power the expansion and national market reach of its innovative pharmacy model to more Americans. Similar to its $5 million Seed Round raised last year, this Series A round was also a private placement with healthcare-specialized investors including new as well as returning participants.
With over 40 million uninsured and 80 million underinsured Americans struggling with unaffordable out-of-pocket medicine costs, the DiRx model reduces the number of supply chain layers and offers low-priced options for over 1,000 FDA-approved prescription generic medications, without requiring health insurance or any discount cards or coupons.
With medicine priced as low as $3 a month, DiRx offers a 12-month price guarantee – an industry first, protecting consumers from unexpected price fluctuations that are now part of the industry norm.
In addition to its direct-to-consumer (DTC) digital platform, DiRx is also gaining significant traction with institutional (B2B) partnerships that would offer similar pharmacy benefit cost advantages to larger groups within the health ecosystem such as self-insured employers, third party administrators, benefits managers, and brokers.
“We’re so glad that our team’s successful launch of high quality and meaningful digital platform supported by a premium customer experience has powered continued investor confidence in our strategic direction and execution capabilities. We’re encouraged by our investors’ clear understanding of the economic pain points in the current system and our ability to enhance medicine access and affordability for everyday Americans,” said Satish Srinivasan, Founder and CEO of DiRx.
“We’re delighted that Americans in over 40 states have already started ordering their prescription medicines from us within just our first few weeks of launch and, in keeping with our ‘medicine for all’ focus, we will continue to evolve our platform to reach more people, as we champion everyone’s right to affordable medicine,” added Simone Grapini-Goodman, Chief Marketing Officer.