Blink Health, a New York-based startup that provides discounts on prescription drugs, raised a $90 million Series B this week.
The round was led by San Francisco-based firm 8VC, which also led the company’s Series A. The new capital brings the company’s total funding raised to $165 million.
Blink Health was founded in 2014 by Matthew Chaiken and Geoffrey Chaiken with a mission to make prescription medication more affordable. The company now works with over 57,00 pharmacies nationwide to make this happen.
Blink Health’s free app and website allows users to purchase their medications online and pick them up at their local retailer for up to 90 percent off the average retail price. The company does this by allowing people to find their prescriptions and purchase it through Blink’s app, offering direct discounts from drugmakers to consumers. Then, when users got the pharmacy, they can show their phone to the pharmacist who rings Blink’s discounted price up.
To date, Blink Health has about 1 million monthly users.
“As the nation rethinks healthcare coverage and more consumers face soaring out-of-pocket healthcare expenses, Blink Health is becoming an indispensable tool for millions of Americans to access the medications they need at prices they can afford,” said Blink Health CEO and Co-founder Geoffrey Chaiken in a statement.
The company plans on using the new funding to build out its engineering team, as well as expand its marketing efforts.
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