Rx Savings Solutions, a pharmacy transparency platform, has raised an $18.4m funding round led by McCarthy Capital.
The US-based solution uses algorithms to analyse thousands of prescription recommendations to find the best clinical option, while maximising savings. Through the technology, employers, employees and health plans can save money on prescription medication.
Some of the company’s clients include Blue Cross, Blue Shield, Quest Diagnostics, Berkshire Hathaway Media Group, the State of Kansas Employee Health Plan and Teachers Health Trust, among others.
This branch of funding will allow Rx Savings to boost its marketing and sales, as well as investing into software functionality to improve consumer navigation.
Rx Savings Solutions founder and CEO Michael Rea said, “We are using the power of technology to streamline how Americans purchase prescription drugs in the same ways the Internet has transformed how consumers book travel, buy cars, or shop for electronics. Like a shopping app, we do the price checking for you and proactively alert you of the savings directly.”
Following the investment, McCarthy Capital vice president Brian Zaversnik will join the company’s board of directors. Zaversnik was involved during Rx Saving’s previous fundraise which closed in 2015 on $2.7m.
There have been a range of investments into personal finance companies over the past month, with US-based Earny closing a $9m Series A, earlier this week.
Last year funding into the WealthTech sector was dominated by personal finance companies, with the sub-sector attracting nearly half of the activity. Personal finance companies saw $1.1bn capital invested, with the next biggest sub-sector being online banking, and pulled in $668m.
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