Medly is a tech-enabled pharmacy built specifically to address unmet needs in the pharmacy experience for patients and providers.
Headquartered in Brooklyn, NY, Medly is one of the first players to apply an on-demand e-commerce model to the $500B+ pharmacy market. Medly’s customer-service-driven model is disruptive to incumbent pharmacies that underserve stakeholders via antiquated, low-touch offerings.
Medly was co-founded in 2017 by brothers Marg Patel (CEO & Co-Founder) and Sahaj Patel (Chairman & Co-Founder) who grew up as the second generation managing a chain of family-owned pharmacies. The Patels’ nuanced understanding of the industry’s complexities and pain points was the basis for founding Medly as a pharmacy designed to address service gaps in the current landscape. By merging thorough foundational knowledge along with a passion for customers and their evolving needs, Medly seeks to deliver the personal relationship of a corner drugstore with the efficiency of a national pharmacy retail chain.
After securing series A funding in June of 2019, Volition Capital co-led a $70 million Series B in March of 2020, right before COVID-19 “stay at home” orders went into effect.
Volition met Marg and Sahaj in the summer of 2019, shortly after Medly closed its series A as part of a larger digital health focus. Larry Cheng, managing partner at Volition, was quick to recognize how Medly was successfully bringing much-needed change to the modern pharmacy experience. “Medly is a prime example of an innovative company that has shifted a legacy business model online to lower costs and elevate the customer experience,” said Larry, “the pharmacy delivery market has multiple service gaps, and startups are just now beginning to address these in expanding geographies.” Read more about why we invested here.
Timing may have been fortuitous. We began our diligence with the Medly team long before COVID-19 increased the attention for on-demand home delivery business models. However, the crisis has created new awareness for the needs of consumers and patients today.
Larry noted, “Taken altogether, Medly is a well-run and experienced company in a booming industry solving important challenges that have never been more relevant. Just as consumers are welcoming pharmacy delivery services into their homes, we want to welcome our friends at Medly into the Volition Capital family.”
by, Volition Internet & Consumer investment TeamBased on our selective investment approach, we partner with a small handful of companies each year Today, we announced the latest of... more
Today, WSJ Venture Capital Pro highlighted our investment in MedlyCheck out the story featuring Volition Capital Managing Partner Larry ChengA startup can compete against larger companies... more
Co-founder and CMO of Medly, Chirag Kulkarni, recently joined Fox Business' Varney & Co to explain how Medly manages free, same-day delivery and announce its newest round of investment... more