SmithRx, a San Francisco based technology company and Pharmacy Benefit Manager (PBM), today announced that it has secured $9 million in Series A funding. Founders Fund led the investment round with participation from Blumberg Capital, NextGen Venture Partners, Box Group, and others. The financing will support SmithRx as it scales and delivers a broad technology solution to change the way pharmacy benefits are managed.
Pharmacy Benefit Manager SmithRx Acquires WhiteWell Rx
SAN FRANCISCO--(BUSINESS WIRE)--SmithRx has entered into an agreement to acquire WhiteWell Rx, a privately held Pharmacy Benefits Manager, headquartered in Long Island, New York. WhiteWell Rx currently provides prescription drug management services for employer-based drug plans through a network of more than 65,000 retail, specialty and mail order pharmacies. Major customers include self-insured employers and third-party administrators. Under the leadership of its founder, Marc A. Bauman, together with Director of Business Development, Hesky Assaf, WhiteWell Rx has successfully developed material business relationships with strategic partners in the commercial market while building a deep customer channel. SmithRx has additionally identified unique product opportunities that will serve as avenues for strategic expansion following this acquisition.