MOUNTAIN VIEW, Calif., May 20, 2020 /PRNewswire-PRWeb/ -- NowRx, a leading, same-day pharmacy delivery company experiencing rapid growth during the coronavirus pandemic, has accepted a multi-million investment from revenue-based financing firm Decathlon Capital Partners.
NowRx will use the $3 million investment to scale its popular pharmacy model and meet the increased demand caused by the continuing coronavirus pandemic. Specifically, the investment will be used to open up new geographic territories and add new capacity in existing markets.
Same-day prescription delivery demand has surged as pharmacy customers, many of whom have underlying health conditions or are elderly, choose to skip the pharmacy lines in favor of quick, convenient and safe doorstep delivery. NowRx is uniquely positioned to meet that new demand.
"NowRx is a business built for the rapid transition to a delivery economy, but the dramatic and lasting changes caused by the coronavirus pandemic has shifted customer behavior even more quickly than anticipated," said NowRx CEO and Co-founder Cary Breese. "Decathlon's investment helps us expand more rapidly to meet these customers' needs and continue scaling the pharmacy of the future."
Decathlon Capital's funding is non-dilutive, meaning that the Palo Alto-based revenue-based finance firm takes no equity from NowRx shareholders or founders in exchange fro the investment. Instead, the investment is paid back from future revenue in flexible installments scaled to the company's revenue growth.
"As we talked with NowRx it became clear that a revenue-based funding model was the perfect fit," said John Borchers, managing partner for Decathlon Capital Partners. "Decathlon's capital will fuel NowRx's growth without requiring them to turn over ownership or control."
NowRx relies on leading logistics, ordering and fulfillment technology to bring down delivery times, lower the cost of fulfilment and ensure the highest level of customer service. The company develops and deploys proprietary technology to reshape the $400 billion pharmacy industry just like DoorDash, Instacart and other delivery services have transformed food delivery and grocery-buying habits.
"Industry-leading technology and superior customer service have been the backbone of NowRx's success," said NowRx Co-founder and Chief Technology Officer Sumeet Sheokand. "With Decathlon Capital's support, we're thrilled to bring the NowRx pharmacy experience to new customers across the nation."
About NowRx
NowRx is a leading same-day pharmacy delivery service based in Mountain View, Calif. Founded in 2015, the company has delivered over 150,000 prescriptions to more than 18,000 customers. Learn more at https://www.nowrx.com/.
About Decathlon Capital Partners
Decathlon Capital Partners provides growth capital for companies seeking alternatives to traditional equity investment. Through the use of highly customized revenue-based financing solutions, Decathlon provides long-term growth capital without the dilution, loss of control and operational overhead that often comes with equity-based funding. With offices in Palo Alto and Park City, Decathlon is the largest revenue-based funding investor in the U.S. and is active across a wide range of sectors. Learn more at https://decathloncapital.com/.
SOURCE NowRx
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