e-commerce startup Pharmapacks closes $40m bridge round financing

e-commerce startup Pharmapacks closes $40m bridge round financing

Published: 03-09-2020 15:12:00 | By: Pie Kamau | hits: 581 | Tags:

Pharmapacks, a leading e-commerce enablement platform and retail seller for brands across major ecommerce marketplaces announced the closing of a $40 million bridge round financing led by Reckitt Benckiser, The Craftory, The Straus Group, The Emerson Group, and Sawaya Capital Partners. J.P. Morgan Securities is acting as Sole Placement Agent on the financing.

This follows Pharmapacks July growth financing of $150 million with GPI Capital and JPMorgan Chase Bank.

Andrew Vagenas, Pharmapacks CEO said: "We're excited to bring in new investors and welcome back long-term partners like RB and Emerson Group that have helped Pharmapacks continually reach new heights.''

Arjun Purkayastha, Senior Vice President eRB at RB said: "RB is very happy to be further strengthening our investment and long-term partnership with Pharmapacks. The continuing acceleration of eCommerce provides a great opportunity for both our companies to provide better access and a superior consumer experience online.''

Powered by its proprietary platform, Pharmapacks has been trusted by millions of customers to provide all their daily needs. After reaching over $250 million in sales in 2019, Pharmapacks is on a current run rate to achieve more than 70% year-over-year growth and, with the opening of a 230k square foot replenishment center in late Q3, should give Pharmapacks the ability to achieve 100% year-over-year growth in Q4.