CAMBRIDGE, MA, ZappRx, an app for managing drug prescriptions, raised $25 million in Series B funding.
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According to Techcrunch, ZappRX, the app that aims to make it easier to manage specialty drug prescriptions, has pulled in $25 million in Series B funding led by Qiming US, the Chinese venture outfit's stateside health care fund.
GV (formerly Google Ventures) and GlaxoSmithKline's funding arm SR One were also in the round and Qiming US's Mark McDade will now join the board.
ZappRx solves a unique dilemma in the prescription medication industry for doctors and pharmacists who treat conditions like oncology and pulmonology by getting rid of the paperwork. Many pharmacies still use fax or phone to transfer medical prescription information from the doctor, delaying the process and making mistakes more likely. ZappRx solves that by automating the via an app which can process the information in real-time.
The startup's platform is already being used in several top academic medical centers and multi-specialty practices in the U.S. The new funding will help the company expand in a fast-growing and potentially $400 billion market in the next few years and ensures ZappRX gets in on the worldwide trend towards health care modernization. It will also enable the company to hire engineers, business development managers and to forge partnerships in order to grow.
So what's next? Founder Zoe Barry says she couldn't talk about any deals happening just yet but that she is in talks to work with all three of the big specialty pharmacies and tells TechCrunch the goal is "to create essentially what is the Kayak meets Amazon one click of a disease platform" -- or in other words, getting through the drug purchase process as quickly as possible and at the best price.
The startup previously raised $16 million, bringing the total funding to $41 million.