Online pharmacy Capsule recently raised $300 million in a series D funding round, bringing its valuation to more than $1 billion, CEO Eric Kinariwala told Bloomberg April 28.
Three things to know about the company:
- Capsule was founded in New York City in 2015. It has raised $570 million and is now valued at more than $1 billion, though Mr. Kinariwala has declined to disclose the exact figure.
- The company has expanded to more than a dozen markets, including Los Angeles, Chicago and Minneapolis. Mr. Kinariwala said Capsule will use some of its newly-raised funds to expand to new markets, with the goal of reaching 100 million people by the end of 2021.
- Mr. Kinariwala said Capsule's long-term vision is to establish a single platform in which users can access all of their healthcare needs, even if what they need comes from other companies. He compared Capsule's model to an iPhone, which houses apps that are made by other companies. "We're doing that in a way that brings everybody else that’s building different parts of healthcare together versus trying to own all of those things ourselves," he said.