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- SmithRx
SmithRx Valuation, Funding & Investors
SmithRx is valued at $355M as of January 2024.
Last SmithRx valuation
$355M
Series C · Jan 2024
Last SmithRx funding round
$60M
Series C · Jan 2024
Cumulative funding SmithRx raised
$105M
across 5 funding rounds
Key investors in SmithRx
Founders Fund
BoxGroup
Blumberg Capital
NextGen Venture Partners
Great Oaks Venture Capital
Precursor Ventures
About SmithRx
SmithRx is a san francisco-based technology company founded in 2016 providing pharmacy benefits partnership built on modern technology platform creating new levels of flexibility, efficiency, and customer satisfaction. Offers cost-competitive PBM with proven pass-through model, single technology platform, concierge-level service, and strong drug cost, rebate, and service level guarantees. Team brings experience from Anthem, Collective Health, Castlight Health, Facebook, LinkedIn, Glassdoor, and Docker.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Subscription
Valuation
$355M (Jan 2024)
SmithRx Valuation
SmithRx is currently valued at $355M, based on its Series C in January 2024.
The $60M round was led by Venrock.
SmithRx's valuation has grown 3.5x from $100M at its Series B in March 2022 to $355M in January 2024, across 2 priced rounds.
SmithRx valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2024 | Series C | $355M |
| Mar 2022 | Series B | $100M |
SmithRx Funding History
SmithRx has raised a total of $105M across 5 funding rounds.
SmithRx's first fundraising round was a $3M seed round in March 2017. The most recent completed round was a $60M Series C in January 2024.
SmithRx funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2024 | Series C | Venrock (lead) | $60M | $355M | SmithRx is a next-generation pharmacy benefits management (PBM) company based in San Francisco, focused on reducing total drug costs and improving health outcomes through 100% pass-through pricing, advanced technology, and transparency. It serves small and midsize self-insured employers with cloud-based infrastructure, clinical programs like SmithRx Connect, and partnerships with brokers and TPAs to lower pharmacy costs. On January 23, 2024, SmithRx closed a $60 million Series C funding round led by Venrock, following its $20 million Series B in March 2022 also led by Venrock. The round included participation from existing investors and positions the company to enhance its technology, expand pharmacy products, and continue cost-saving initiatives for employers paying pharmacy bills. In 2023, SmithRx launched programs such as Autoimmune Savings and Low-Cost Insulin, and formed partnerships with Mark Cuban Cost Plus Drug Company and Amazon Pharmacy to deliver paradigm-shifting savings and address misaligned incentives in the PBM sector. The funding supports growth amid a landscape of high drug costs and low transparency, with Venrock partner Bryan Roberts emphasizing the platform's unique alignment. SmithRx has raised approximately $89 million to $104 million across multiple rounds, with Venrock as a key backer alongside Founders Fund, Blumberg Capital, BoxGroup, and NextGen Venture Partners. The Series C valuation is reported at $354.68 million post-money, though not publicly disclosed in primary announcements. |
| Mar 2022 | Series B | Venrock (lead); Zachary Hargreaves; Founders Fund; Presight Capital | $27M | $100M | SmithRx is a San Francisco-based next-generation pharmacy benefits management (PBM) company that reduces total drug costs and improves health outcomes through 100% pass-through pricing, advanced technology, and transparent flat-fee claims processing. It works with employers, brokers like Alliant, Hays, and Gallagher, and payers including Aetna and BlueCross BlueShield, using algorithms to find lower-priced medications and offering clinical programs like SmithRx Connect for alternative sourcing. In March 2022, SmithRx closed a $20 million oversubscribed Series B funding round led by Venrock, with participation from existing investors including Founders Fund, bringing the company's valuation to $100 million. The round followed a year of record growth, surpassing 1,100 employer clients, and proceeds were intended to support expansion in the PBM sector, scaling technology infrastructure, and putting more control in employers' hands amid rising drug costs and lack of pricing transparency. Venrock partner Bryan Roberts joined the board, praising SmithRx's novel approach to visibility and cost savings after six years of development. The firm, known for healthcare investments, sees SmithRx addressing ambiguities exploited by dominant PBMs like CVS Caremark, Express Scripts, and OptumRx, which control nearly 80% of the market. Analysts highlight SmithRx's single revenue stream of transparent flat fees per claim as a key strength cutting out pricing opacity. CEO Jake Frenz, with prior experience at Collective Health and Anthem, positioned the funding to challenge the broken PBM system driving up U.S. drug costs. Subsequent developments include a $60 million Series C in January 2024, also led by Venrock, to further reduce pharmacy benefits costs for small and midsize self-insured businesses, building on the prior momentum. |
| Jul 2018 | Series A | Blumberg Capital; BoxGroup; SciFi VC; Precursor Ventures; Founders Fund; NextGen Venture Partners | $6M | - | - |
| Jan 2018 | Series A | Founders Fund (lead); Blumberg Capital; BoxGroup; SciFi VC; Great Oaks Venture Capital; NextGen Venture Partners | $9M | - | SmithRx raised $9 million in Series A funding, led by Founders Fund with participation from Blumberg Capital, Box Group, and NextGen Venture Partners, closing in January 2018. The company has developed a platform for drug price negotiation and pharmacy benefit management, focused on reducing pharmacy costs for self-insured businesses. SmithRx subsequently raised additional capital, including a $60 million Series C round in January 2024 led by Venrock, bringing total disclosed funding to approximately $104.7 million across multiple rounds. |
| Mar 2017 | Seed | Blumberg Capital; BoxGroup; Four Cities Capital; Precursor Ventures; Max Altman; Great Oaks Venture Capital; Founders Fund; Darian Shirazi; NextGen Venture Partners | $3M | - | - |
Who has invested in SmithRx?
13 investors have backed SmithRx across its funding rounds, including Founders Fund, BoxGroup, Blumberg Capital, NextGen Venture Partners, Great Oaks Venture Capital and Precursor Ventures.
Lead investors include Venrock and Founders Fund.
SmithRx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Mar 2017 | ||
| 3 | Participant | Mar 2017 | ||
| 3 | Participant | Mar 2017 | ||
| 3 | Participant | Mar 2017 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Mar 2017 | ||
| 2 | Lead | Mar 2022 | ||
| 2 | Participant | Mar 2017 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Mar 2017 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSmithRx Competitors
SmithRx competitors include listed companies like Software Service and Vitalhub, and private ones like Ocrolus, GVE, Cardless and Medallion.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $20M | - | $500M | 25.0x | ||
| Private | - | - | $521M | - | ||
| Private | - | - | $350M | - | ||
| Private | - | - | $350M | - | ||
| Publicly listed | $272M | $60M | $348M | 0.8x | ||
| Publicly listed | $78M | $10M | $342M | 2.7x |
SmithRx Public Comps
SmithRx is still privately-owned, but its public comps include CION Invt, Optima Health, Beijing Sunwayworld, Software Service, Vitalhub, Open Lending, Simulations Plus, Muthoot Microfin, Sailfish Royalty and Enity Holding.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $127M | - | 11.9x | 7.3x | - | - | |||
| $162M | $20M | 3.1x | 2.3x | 24.4x | 15.4x | |||
| $57M | $3M | 5.6x | - | 100.1x | - | |||
| $272M | $60M | 0.9x | 0.8x | 4.1x | 5.9x | |||
| $78M | $10M | 3.2x | 2.7x | 23.5x | 10.7x | |||
| $93M | $16M | 3.5x | 3.3x | 21.0x | 13.8x | |||
| $79M | ($62M) | 4.1x | 3.9x | (5.2x) | 13.9x | |||
| $230M | $24M | 5.3x | 7.7x | 50.1x | - | |||
This data is available for Pro users. Sign up to see all SmithRx competitors and their valuation data. Start Free Trial | ||||||||
Common questions about SmithRx
| When was SmithRx founded? | SmithRx was founded in 2016. |
| Where is SmithRx headquartered? | SmithRx is headquartered in San Francisco, CA, United States. |
| Is SmithRx publicly listed? | No, SmithRx is a private, VC-backed company. |
| What is SmithRx's valuation? | SmithRx was last valued at $355M in its Series C in January 2024. |
| How much funding has SmithRx raised? | SmithRx has raised $105M across 5 funding rounds. |
| What was SmithRx's last funding round? | SmithRx's last funding round was a $60M Series C in January 2024, led by Venrock. |
| Who are SmithRx's investors? | SmithRx's investors include Founders Fund, Blumberg Capital, BoxGroup, NextGen Venture Partners, SciFi VC, Precursor Ventures, Venrock, Great Oaks Venture Capital, Zachary Hargreaves, Four Cities Capital and 3 others. |
| Which companies are comparable to SmithRx? | Companies comparable to SmithRx include Ocrolus, GVE, Cardless, Medallion, Software Service and Vitalhub. |
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