Venture Capital News: Pharmapacks Receives $40M
NEW YORK, NY, Pharmapacks today announced the closing of a $40 million bridge round financing.
Pharmapacks, ("Pharmapacks" or "Company"), a leading ecommerce enablement platform and retail seller for brands across major ecommerce marketplaces, today announced the closing of a $40 million bridge round financing which was led by Reckitt Benckiser, The Craftory, The Straus Group, The Emerson Group, and Sawaya Capital Partners. J.P. Morgan Securities LLC is acting as Sole Placement Agent on the financing.
This follows Pharmapacks July growth financing of $150 million with GPI Capital and JPMorgan Chase Bank.
"We're excited to bring in new investors and welcome back long-term partners like RB and Emerson Group that have helped Pharmapacks continually reach new heights," said Pharmapacks CEO Andrew Vagenas.
"RB is very happy to be further strengthening our investment and long-term partnership with Pharmapacks. The continuing acceleration of eCommerce provides a great opportunity for both our companies to provide better access and a superior consumer experience online," said Arjun Purkayastha, Senior Vice President - eRB at RB.
Powered by its proprietary platform, Pharmapacks has been trusted by millions of customers to provide all their daily needs. After reaching over $250MM in sales in 2019, Pharmapacks is on a current run rate to achieve more than 70% year-over-year growth and, with the opening of a 230k square foot replenishment center in late Q3, should give Pharmapacks the ability to achieve 100% year-over-year growth in Q4.
Pharmapacks, LLC is a leading e-commerce company with a proprietary technology platform that empowers brands with a complete and cost-effective logistics, fulfillment, marketing and sales solution. Pharmapacks has a premier team of eCommerce experts with over 10 years' experience and 850 employees connecting consumers to their favorite brands on online marketplaces such as Amazon, Walmart, Google, eBay and Facebook, becoming one of the largest marketplace sellers in North America. Pharmapacks serves as a "launch pad" for emerging brands by giving a select amount of lesser-known brands access to the Pharmapacks' e-commerce platform and consumer base. This enables brands to focus on product research and development, while Pharmapacks strategically sets competitive price points and builds a connection between the consumer and the brand.
>> Click here for in-depth research on 9,000+ startups and 5,000+ VC investors
(c) by Massinvestor, Inc. For contact info, please check out our about