Canadian online pharmacy network closes oversubscribed seed round as it continues to build momentum nationwide.
TORONTO, ONT. (JULY 14, 2020) – Virtual Pharmacy and Healthcare platform Mednow.ca announced today that it has closed an oversubscribed $6.5 million seed round, far exceeding its original $3 million target. Gravitas Securities led the financing, putting together a robust virtual roadshow culminating in a strong strategic shareholder base. Funds generated through this round of investment will allow the company to scale to all Canadian provinces.
Mednow.ca was co-founded by pharmacist and serial entrepreneur Ali Reyhany who founded the Care Group of Pharmacies, the largest pharmacist controlled independent pharmacy chain in Canada that has over 60 locations. Its other co-founder Karim Nassar is a computer engineer and former Executive of McKesson Canada, Air Liquide and most recently the Care Group of Pharmacies.
“Mednow.ca launched earlier this year to meet the demand of Canadians for quality and convenient virtual access to pharmacy providers,” said Karim Nassar, Chief Executive Officer and Co-Founder of Mednow.ca. “By leveraging existing relationships within our established network of over 60 independent pharmacies across Canada, we have been able to scale quickly and offer comprehensive patient-centered services, including virtual pharmacy and medical care, medication/prescription management and robust delivery.”
The Canadian retail pharmacy market represents $40 billion dollars and the vast majority of those prescriptions are filled in traditional brick and mortar pharmacies. Mednow.ca’s technology-first approach will provide Canadians a digital and delivery based alternative.
“Mednow.ca’s deep industry knowledge coupled with a growing demand for virtual care and pharmacy delivery makes it a very attractive opportunity in the Canadian investment landscape,” said Kia Besharat, Senior Managing Director & Head of Capital Markets Origination at Gravitas Securities Inc. “The soft launch has proved market demand and Mednow.ca is ready to scale nationally.”
Mednow.ca is pairing virtual access with exceptional care. With a patient-first mentality, Mednow.ca connects modern consumers with local pharmacies for a fast, safe, and free experience without ever having to leave their homes. Patients now have access to a network of pharmacies across Canada, free at-home delivery of medications (and all pharmacy products), a specialized PillSmart system that packages prescriptions and vitamins by date and time, as well as access to telemedicine virtual care. Designed with access and quality care in mind, Mednow.ca provides virtual care with convenience.
About Gravitas Securities Inc.
Gravitas Securities Inc. (GSI) is a leading full service Investment Dealer providing customized Investment Banking services with a global distribution platform for all types of companies from offices in Toronto and Vancouver. GSI also provides Private Client Wealth Management services committed to adding measurable value to our clients and meeting their individual investment needs. GSI is a member of the Investment Industry Regulatory Organization of Canada (IIROC), a Participating Organization of the TSX Venture Exchange, and a member of the Canadian Investor Protection Fund (CIPF).