Pharmacy benefit management startup Capital Rx has banked a $106 million series C funding round as it eyes continued expansion.
B Capital led the round, which also included participation from General Catalyst as well as existing investors Edison Partners and Transformation Capital. The investment brings Capital Rx's total funding up to $175 million, according to the announcement.
B Capital and General Catalyst executives will also join as board observers.
"Our country cannot continue to operate on disparate and antiquated technology, and our goal is to provide our nation the infrastructure it needs for the healthcare system we deserve," said AJ Loiacono, CEO of Capital Rx, in a statement. "We're thrilled to partner with B Capital and General Catalyst as we accelerate the adoption of JUDI™ and establish a new standard for claim administration."
Capital Rx have invested significantly in building out JUDI, a digital platform that unites operations under one roof. The platform includes plan design, implementation, adjudication, prior authorization and billing offerings, among others, through a single tool.
The platform aims to drive better patient care alongside greater efficiency for health plans, PBMs and providers.
Capital Rx's membership grew 200% in 2021, and it's on track to add 1 million new lives for the 2023 plan year.
"Our thematic work in the PBM space has confirmed that Capital Rx has the most advanced tech stack and solution to power next generation PBMs," said Nick Whitehead, principal at B Capital, in a statement.