HealNow Secures $5.5 Million in Seed Funding to Transform Pharmacy Payments Experience

2023-09-20

New financing underscores high demand for a modern checkout solution for pharmacies and patients

NEW YORK , Sept. 20, 2023 /PRNewswire/ -- HealNow today announced a $5.5 million Seed round led by Bonfire Ventures. Additional investors participating in the round include Walkabout Ventures, Remarkable Ventures, Alabama Futures Fund, Impulsum Ventures and a number of prominent fintech and healthcare investors.

HealNow enables pharmacies to provide a modern, seamless online checkout experience for patients. Leveraging state-of-the-art payments technology, patients can now effortlessly schedule delivery or curbside pickup, purchase over-the-counter (OTC) items, and pay for their prescriptions online. Hundreds of pharmacies across the country rely on HealNow to accelerate payments workflow and improve the patient experience.

"Pharmacies are vital to the healthcare system in this country, yet they face a massive technological disparity," said Halston Prox, CEO, HealNow. "Today, only the largest pharmacy chains have established an online presence, while the majority of the industry remains predominantly offline. This gap has placed pharmacies at a substantial competitive disadvantage, as they lack the resources and economies of scale enjoyed by larger players such as CVS. Our mission at HealNow is to level the playing field, enabling any pharmacy to provide a seamless online checkout experience for their customers."

Today, HealNow is also announcing a number of partnerships with several healthcare organizations, including Omnicell, NCPA and APC. The platform also built integrations with pharmacy management systems, including PioneerRx, Liberty, Keycentrix and others.

Features and benefits of HealNow include:

Streamlined Communication: HealNow streamlines the way pharmacies handle phone calls and eliminates the frustration of phone tag. By simplifying payment collection and patient information gathering, the platform drastically reduces the time spent on administrative tasks. Not only does this increase efficiency, but it also enhances overall patient satisfaction.

Seamless Integration: HealNow easily integrates with existing pharmacy management systems and blends into your workflow. Our platform ensures smooth operations, optimizing pharmacy processes and enabling a hassle-free digital transformation.

Advanced Payment Solutions: HealNow accelerates payments for medications. The platform enables pharmacies to receive payments upfront, reducing waste, cutting expenses, and saving valuable time.

Enhanced Patient Experience: With HealNow, patients can conveniently add over-the-counter (OTC) items, supplements, and additional services during the checkout process. This user-friendly feature not only improves adherence to treatment plans but also expands the basket value for pharmacies. By providing a seamless experience, we empower patients to take control of their healthcare journey.

HealNow will use the new financing to accelerate product development and expand partnerships with other pharmacy service providers to build on the platform ecosystem. The company also plans to expand its national reach to serve pharmacies of all sizes across all verticals, including retail, hospitals, universities, veterinarians and more.

"HealNow is leading the charge on democratizing pharmacy technology—it's that simple," said Mark Mullen, Bonfire Ventures. "Not only do they offer a differentiated product, its leadership has the industry experience to serve the unique needs of pharmacies. In the next few years, we see HealNow becoming the de facto checkout solution for the pharmacy industry. We are excited to play a role in their continued growth and innovation."

About HealNow

HealNow is a healthcare technology company devoted to bringing modern solutions to pharmacies and their patients. The company is committed to improving the healthcare industry by providing advanced tools at affordable prices, enabling pharmacies of all sizes to offer a higher standard of service and convenience to their patients. Our goal is to make healthcare more accessible and patient-friendly, one pharmacy at a time. For more information, visit https://www.healnow.co/

About Bonfire Ventures

Bonfire Ventures is a leading, early-stage venture capital firm that invests exclusively in B2B software companies at the seed stage. With over $800M under management, Bonfire backs extraordinary founders and aspires to serve as their most trusted advisors. Known for their hands-on approach, Bonfire was named one of the best seed stage VC firms by founders in 2022. Notable investments include TaxJar (acquired by Stripe), The Trade Desk (IPO), ChowNow, Boulevard, Figment, Invoca, Cube, and OpenPath (acquired by Motorola). For more information on Bonfire Ventures visit https://www.bonfirevc.com/.

SOURCE HealNow