Capsule Valuation, Funding & Investors

Capsule is valued at $1B as of April 2021.

Last Capsule valuation

$1B

Series D · Apr 2021

Last Capsule funding round

$300M

Series D · Apr 2021

Cumulative funding Capsule raised

$570M

across 4 funding rounds

Key investors in Capsule

  • Thrive Capital
  • Glade Brook Capital Partners
  • 7GC & Co
  • Global Founders Capital
  • T. Rowe Price
  • TCV

Capsule Overview

About Capsule

Capsule is a New York City-based pharmacy chain delivering prescription medications with technology integrations for hospitals, insurers, and manufacturers to streamline customized patient care nationwide.


Founded

2016

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2C

Revenue model

Product sales, Subscription

Valuation

$1B (Apr 2021)

Capsule Valuation

Capsule is currently valued at $1B, based on its Series D in April 2021.

The $300M round was led by Durable Capital Partners, with participation from Baillie Gifford, T. Rowe Price, Whale Rock Capital Management and IPD Capital.

Capsule's valuation has grown 7.9x from $126M at its Series B in August 2018 to $1B in April 2021, across 2 priced rounds.

Capsule valuation by funding round

Capsule valuation by funding round
DateStageValuation
Apr 2021Series D$1B
Aug 2018Series B$126M

Capsule Funding History

Capsule has raised a total of $570M across 4 funding rounds.

Capsule's first fundraising round was a $20M Series A in May 2017. The most recent completed round was a $300M Series D in April 2021.

Capsule funding rounds

Capsule funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2021Series DDurable Capital Partners (lead); Baillie Gifford; T. Rowe Price; Whale Rock Capital Management; IPD Capital$300M$1BCapsule is a healthcare technology platform rebuilding the pharmacy industry with a focus on customized outcomes for doctors, hospitals, insurers, and manufacturers. The company raised $300 million in its Series D funding round on April 28, 2021, led by Durable Capital Partners and including investors IPD Capital, Scottish Mortgage Investment Trust, T. Rowe Price, and Whale Rock Capital Management. By late 2022, Capsule had grown to approximately 878 employees.
Sep 2019Series CTCV (lead); Glade Brook Capital Partners; M13; G Squared; Thrive Capital; Rancilio Cube Sicaf; Karman Ventures; 7GC & Co$200M-Capsule is a US-based online pharmacy platform founded in 2015, offering prescription medication delivery via a mobile app, primarily operating in New York with 60,000 customers as of September 2019. The company provides services like two-hour delivery, co-payment information, side effect details, pharmacist consultations via text or chat, and repeat prescription management by doctors, with plans to expand to all major US cities within 18-36 months using the funding. Capsule positioned itself as a holistic healthcare access point, integrating pharmacy with potential broader services without owning all components. In September 2019, Capsule raised $200 million in a round led by TCV, with participation from Thrive Capital, Glade Brook Capital Partners, and others including 7GC & Co, G Squared, Karman Ventures, M13, Rancilio Cube Sicaf, increasing total funding to $270 million. This followed a $50 million Series B in 2018 led by Thrive Capital and Glade Brook, and a $20 million Series A in 2017 led by Thrive with Virgin Group and Sound Ventures. Capsule continued raising capital post-2019, securing a $300 million round in April 2021 led by Durable Capital Partners (some sources mention TCV/Thrive), achieving valuations reported as over $1 billion or $1.5 billion, bringing total funding to $570 million. The company aimed to expand markets, develop technology including telemedicine and mental health services, and scale operations amid competition in digital pharmacies disrupting traditional sectors.
Aug 2018Series BGlade Brook Capital Partners (lead); Thrive Capital (lead); Red Swan Ventures; Reshape Ventures; 7GC & Co$50M$126MCapsule is a US-based online pharmacy platform founded in 2015 that enables customers to order prescription medications via a mobile app for home delivery, with ambitions to expand into telemedicine and mental health services. Thrive Capital and Glade Brook Capital Partners led its $50 million Series B round in 2018, alongside investors including 7 Global Capital (likely 7GC & Co), Reshape, and Sandy Cass, following a $20 million Series A in 2017 backed by Thrive Capital, Virgin Group, and Sound Ventures. The 2018 round supported Capsule's growth in the online pharmacy sector, positioning it against competitors by focusing on integrated healthcare access without owning all services. Subsequent rounds included a $200 million investment in September 2019 led by TCV with Thrive Capital and Glade Brook, and a $300 million Series D in April 2021 led by Durable Capital Partners with Baillie Gifford, T. Rowe Price, and Whale Rock, valuing the company above $1 billion and bringing total funding to $570 million.
May 2017Series AThrive Capital (lead); Sound Ventures; Global Founders Capital; Palm Drive Capital; Virgin Group$20M-Capsule is a New York-based online pharmacy delivery startup founded in 2016 by Eric Kinariwala, offering same-day prescription delivery via a mobile app, live chat, and online platform to streamline the supply chain, lower costs, and improve patient experience in the New York area initially. It positions itself as a tech-enabled pharmacy competing with services like PillPack, Blink Health, and incumbents like ExpressScripts by building its own pharmacy and focusing on direct delivery rather than mail-order. The company raised $20 million in a Series A round around May 2017, led by Thrive Capital with participation from Sound Ventures, Virgin Group, Global Founders Capital, and Palm Drive Capital, as confirmed across multiple sources including TechCrunch. This round brought Capsule's early funding momentum, with plans to expand delivery options and potentially collaborate with existing prescription services. later rounds included a $50M Series B in 2018 led by Thrive Capital and Glade Brook, a $200M round in 2019 led by TCV, and a $300M Series D in 2021 at over $1B valuation led by Durable Capital Partners, cumulatively raising $570M by 2021. Capsule has since expanded to new markets, telemedicine, mental health services, and grown to over 500 employees, with a Series E valuation of $458.12MM as of Feb 2023 and total funding over $1.49B.

Who has invested in Capsule?

19 investors have backed Capsule across its funding rounds, including Thrive Capital, Glade Brook Capital Partners, 7GC & Co, Global Founders Capital, T. Rowe Price and TCV.

Lead investors include Durable Capital Partners, TCV, Glade Brook Capital Partners and Thrive Capital.


Capsule Investors

Investors in Capsule by funding rounds participated
InvestorHQRoundsRoleFirst check
Thrive CapitalUnited StatesNew York City, NY3LeadMay 2017
Glade Brook Capital PartnersUnited StatesGreenwich, CT2LeadAug 2018
7GC & CoUnited StatesUnited States2ParticipantAug 2018
Baillie GiffordUnited KingdomEdinburgh1ParticipantApr 2021
Red Swan VenturesUnited StatesNew York City, NY1ParticipantAug 2018
Sound VenturesUnited StatesLos Angeles, CA1ParticipantMay 2017
Durable Capital PartnersUnited StatesWashington, DC1LeadApr 2021
M13United StatesLos Angeles, CA1ParticipantSep 2019
Global Founders CapitalGermanyBerlin1ParticipantMay 2017
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantApr 2021
Palm Drive CapitalUnited StatesNew York City, NY1ParticipantMay 2017
G SquaredUnited StatesChicago, IL1ParticipantSep 2019
TCVUnited StatesSan Francisco, CA1LeadSep 2019

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Capsule Competitors

Capsule competitors include listed companies like Vitec Software and PHC Holdings, and private ones like Dental Monitoring, DocPlanner, Huma.AI and Mark43.

Public and private companies comparable to Capsule
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Dental MonitoringFranceParisPrivate$91M-$1B-
DocPlannerPolandWarsawPrivate--$1B-
Huma.AIUnited StatesRaleigh, NCPrivate--$1B-
Mark43United StatesNew York City, NYPrivate--$1B-
Vitec SoftwareSwedenSwedenPublicly listed$371M$151M$1B3.5x
PHC HoldingsJapanJapanPublicly listed$2.3B$320M$1.1B1.0x

Capsule Public Comps

Capsule is still privately-owned, but its public comps include iFLYHealth, Vitec Software, Shinva, Gerresheimer, PHC Holdings, HealthStream, MedicalSystem Technology, Hangzhou Pinming Software, Menicon and Standard Engineering Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
Shinva$1.5B$126M0.6x0.6x6.7x6.7x
Gerresheimer$2.7B$56M1.3x1.3x60.6x7.3x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
HealthStream$304M$63M2.8x2.6x13.2x11.2x
MedicalSystem Technology$45M$12M18.9x15.6x70.7x62.9x
Hangzhou Pinming Software$65M$8M12.5x11.9x100.2x-

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Common questions about Capsule

When was Capsule founded?Capsule was founded in 2016.
Where is Capsule headquartered?Capsule is headquartered in New York City, NY, United States.
Is Capsule publicly listed?No, Capsule is a private, VC-backed company.
What is Capsule's valuation?Capsule was last valued at $1B in its Series D in April 2021.
How much funding has Capsule raised?Capsule has raised $570M across 4 funding rounds.
What was Capsule's last funding round?Capsule's last funding round was a $300M Series D in April 2021, led by Durable Capital Partners.
Who are Capsule's investors?Capsule's investors include Thrive Capital, Glade Brook Capital Partners, 7GC & Co, Baillie Gifford, Red Swan Ventures, Sound Ventures, Durable Capital Partners, M13, Global Founders Capital, T. Rowe Price and 9 others.
Which companies are comparable to Capsule?Companies comparable to Capsule include Dental Monitoring, DocPlanner, Huma.AI, Mark43, Vitec Software and PHC Holdings.

See companies similar to Capsule

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