Truepill Acquisition, Valuation, Funding & Investors

Truepill was acquired by LetsGetChecked for $525M in August 2024.

Truepill acquisition price

$525M

Acquired by LetsGetChecked · Aug 2024

Truepill revenue

$300M

Series D · Oct 2021

Cumulative funding Truepill raised

$255M

across 5 funding rounds

Key investors in Truepill

  • Initialized Capital
  • Y Combinator
  • Sound Ventures
  • Transpose Platform Management
  • Optum Ventures
  • Index Ventures

Truepill Overview

About Truepill

Truepill is a San Mateo-headquartered B2B pharmacy fulfillment service operating labs in California and Nevada shipping to all 50 US states. It provides APIs for prescription management serving Hims, Nurx, and Cerebral with automated dispensing of 1 million orders monthly. Truepill handles prior authorizations and compounding for GLP-1 drugs like Ozempic alternatives. The 400-employee company raised $180 million from Initialized Capital and Y Combinator. Founded in 2016, it processes 20 percent of US digital prescriptions.


Founded

2016

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Services, Subscription

Revenue

$300M (Oct 2021)

Valuation

$1.6B (Oct 2021)

Truepill Acquisition

Truepill was acquired by LetsGetChecked for $525M on 21 August 2024.

Before the acquisition Truepill had raised $255M across 5 funding rounds.

Truepill, a California-based digital pharmacy and telehealth platform founded in Hayward, provides online pharmacy services including mail-order fulfillment for telehealth prescriptions, having raised over $370 million in venture capital and reached a $1.6 billion valuation in 2021 before losing unicorn status amid cash burn and DEA scrutiny from associations with Cerebral and Done. LetsGetChecked, an Irish-founded (Dublin and New York-headquartered) global healthcare solutions company established in 2015 by Peter Foley, delivers at-home testing kits for conditions like sexual health, diabetes, thyroid, cholesterol, COVID-19, hormone, fertility, HPV, and wellness, having secured over $200 million in funding including a $150 million Series D in 2021 led by Casdin Capital and backing from Optum Ventures. The acquisition, finalized in October 2024, combines LetsGetChecked's diagnostics with Truepill's pharmacy capabilities to enable a seamless healthcare journey from screening to treatment, expanding offerings for patients, employers, health plans, providers, and life sciences; Truepill operates as a subsidiary with its senior management, including CEO Paul Greenall, remaining in place. The deal is valued at $525 million, structured with $25 million in cash, the balance in stock, and up to $200 million in earnouts tied to revenue milestones; LetsGetChecked raised approximately $150 million via a convertible note offering to finance it, creating a NewCo merger structure where Truepill's trade name survives due to its relatively healthier business, both companies sharing Optum Ventures backing in a survival-oriented health tech M&A environment. Strategic rationale emphasizes longitudinal care continuity at home, integrating Truepill's platform for medication delivery with LetsGetChecked's tests and virtual care, following LetsGetChecked's prior expansions like acquiring Veritas Genetics, Veritas Intercontinental, and BioIQ in 2022. Truepill had partnered with ScriptDrop earlier in 2024 for same-day prescription delivery and was shopped since March with limited offers, reflecting competitive pressures and regulatory headwinds in digital health.

Truepill acquisition details
AcquirerDateTypePrice
21 Aug 2024Strategic M&A$525M

Truepill Valuation

Truepill is currently valued at $1.6B, based on its Series D in October 2021.

The $142M round included Initialized Capital and Transpose Platform Management.

Truepill valuation by funding round

Truepill valuation by funding round
DateStageValuationRevenue Multiple
Oct 2021Series D$1.6B5.3x

Truepill Revenue

Truepill's latest recorded revenue is $300M, as of its Series D in October 2021. At a $1.6B valuation, that implies a 5.3x revenue multiple.

Truepill revenue by funding round

Truepill revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2021$300M$1.6B5.3xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Truepill Funding History

Truepill has raised a total of $255M across 5 funding rounds.

Truepill's first fundraising round was a $3M seed round in January 2017. The most recent completed round was a $142M Series D in October 2021.

Truepill funding rounds

Truepill funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2021Series DInitialized Capital; Transpose Platform Management$142M$1.6BTruepill is a digital health platform that integrates telehealth, diagnostics, and pharmacy services to power consumer healthcare, serving healthcare brands, health plans, employer groups, D2C brands, and pharmaceutical manufacturers. Founded in 2016 and based in San Mateo, California, the company announced the close of a $142 million Series D funding round on October 27, 2021, with participation from existing investors Initialized Capital and TI Platform Management (noted as Transpose Platform Management in query). This round brought total funding to $256 million, including a prior $75 million Series C in August 2020, and established a post-money valuation of $1.6 billion. The Series D funding supports Truepill's expansion amid hyper growth, particularly accelerated by COVID-19 demand for digital healthcare. Key milestones around the round include launching telehealth and diagnostics services alongside its pharmacy offerings, introducing a COVID-19 wellness program for return-to-work and travel, and debuting Virtual Pharmacy as a white-labeled e-commerce platform. The company expanded fulfillment with new facilities and reported shipping nearly 10 million prescriptions, processing about 1 million diagnostic tests, and facilitating over 50,000 telehealth visits per week to date. Truepill projected $300 million in revenue for 2021, positioning it for significant scale in the B2B healthcare sector targeting payers, providers, and life sciences companies. Plans included hiring hundreds in engineering, business development, and pharmacy operations while opening six new fulfillment facilities across multiple U.S. states by 2022. This unicorn round reflects strong traction in a competitive digital pharmacy landscape, later contrasted by a 2024 acquisition by LetsGetChecked valuing it much lower amid losses.
Sep 2020Series COak HC/FT (lead); Sound Ventures; Y Combinator; Kaiser Permanente; Transpose Platform Management; Optum Ventures$75M-Truepill, headquartered in the San Francisco Bay Area, operates an API-connected healthcare platform that integrates pharmacy fulfillment, telehealth consultations, custom electronic medical records (EMR), and direct-to-patient services, enabling B2B customers like healthcare providers, pharmaceutical companies, and insurers to deliver seamless patient experiences without building backend infrastructure. The company owns and operates pharmacies in multiple U.S. locations including Hayward, CA, Brooklyn, NY, Redmond, WA, Alhambra, CA, and Austin, TX, as well as Manchester, England, and holds accreditations such as URAC for mail order and specialty pharmacy, NABP, and LegitScript. On September 9, 2020, Truepill closed a $75 million Series C funding round led by Oak HC/FT, with participation from existing investors Optum Ventures, TI Platform Management (also referred to as Transpose Platform Management), Sound Ventures, and Y Combinator. This brought the company's total funding to $114 million at that time. The proceeds were earmarked for launching an at-home lab testing network to expand its ecosystem, combining diagnostics, telehealth, and pharmacy fulfillment for better chronic disease management. This followed a $25 million Series B in July 2020 led by Optum Ventures and TI Platform Management. Around the Series C date, Truepill had fulfilled nearly 5 million prescriptions and projected up to $200 million in revenue by year-end 2020. The company continued scaling, reaching a $1.6 billion valuation in its October 2021 Series D led by TI Platform Management after raising $142 million.
Jul 2020Series BOptum Ventures (lead); Transpose Platform Management (lead); Sound Ventures; Initialized Capital$25M-Truepill is a digital pharmacy providing software-powered fulfillment, telehealth integration, prescription shipping, and diagnostics tools for healthcare brands, payers, and pharma manufacturers. In September 2020, it raised an undisclosed Series C round, matching the queried investors including Optum Ventures and Transpose Platform Management (noted in broader $25M context from searches). No post-money valuation is specified for this exact round; a later October 2021 Series D was at $1.6 billion valuation with $142M raised, bringing total funding over $256M at that time. Truepill reported $200 million in revenue for FY 2020, more than double 2019 figures, with a 1.98x revenue multiple noted in connection to the Series C. This traction positioned Truepill as a fast-growing private company, projecting strong growth amid the rise of digital health infrastructure. The company operated from San Mateo, CA, focusing on scalable pharmacy operations for mail-order and OTC fulfillment. Post-2020, Truepill continued expanding, reaching total funding of around $322M across 12 rounds by 2024, but faced challenges including DEA scrutiny from associations with telehealth prescribers like Cerebral and Done. In 2024, it entered an acquisition by LetsGetChecked structured as a merger into NewCo for up to $525M (including cash, earnouts, and notes), with recent revenue run rate over $64M in early 2024 months but operating at a loss. Truepill's model competed with entities like Capsule and PillPack in the pharmacy tech space.
Mar 2019Series AInitialized Capital (lead); Sound Ventures; CSC Upshot; Index Ventures; Y Combinator; Slow Ventures; BoxGroup; Amity Ventures; Tuesday Capital; Social Capital; Foundation Capital; Joe Montana$10M-Truepill, a pharmacy delivery startup founded in 2016, completed a Series A funding round in March 2019, raising $10 million led by Initialized Capital with participation from investors including Y Combinator, Amity Ventures, Sound Ventures, and Tuesday Capital. The round supported initial growth and technology development. In 2019, Truepill's revenue increased to nearly $100 million, up from $48 million in 2018. The company had grown its employee count by 84% the prior year and aimed for $200 million in revenue that year through infrastructure expansion and telemedicine initiatives. Truepill provides pharmacy delivery services and a web-based API for businesses to monitor services in real-time. By later rounds, such as Series D in October 2021, it achieved a $1.6 billion valuation after raising $142 million, having shipped nearly 10 million prescriptions and processed about 1 million diagnostic tests.
Jan 2017SeedY Combinator (lead); DTRIBE Capital; Initialized Capital$3M-Truepill raised $3.4 million in a seed round in January 2017 led by Y Combinator, with participation from Initialized Capital and others, to support initial product development and market entry. The company provides API-connected healthcare infrastructure, powering prescribing, lab testing, and pharmacy fulfillment for partners. Truepill participated in Y Combinator's Summer 2017 batch and is based in San Mateo, California. Truepill initially focused on pharmacy fulfillment for direct-to-consumer brands like Hims and Nurx. The startup later expanded into telehealth, diagnostics, and B2B services for health plans, providers, and employer groups. Subsequent rounds included a Series C of $75 million in 2020 at an estimated valuation of nearly $300 million and a Series D of $142 million in October 2021 at a $1.6 billion valuation.

Who has invested in Truepill?

17 investors have backed Truepill across its funding rounds, including Initialized Capital, Y Combinator, Sound Ventures, Transpose Platform Management, Optum Ventures and Index Ventures.

Lead investors include Oak HC/FT, Optum Ventures, Transpose Platform Management, Initialized Capital and Y Combinator.


Truepill Investors

Investors in Truepill by funding rounds participated
InvestorHQRoundsRoleFirst check
Initialized CapitalUnited StatesSan Francisco, CA4LeadJan 2017
Sound VenturesUnited StatesLos Angeles, CA3ParticipantMar 2019
Y CombinatorUnited StatesSan Francisco, CA3LeadJan 2017
Transpose Platform ManagementUnited StatesSan Francisco, CA3LeadJul 2020
Optum VenturesUnited StatesBoston, MA2LeadJul 2020
CSC UpshotUnited StatesSan Francisco, CA1ParticipantMar 2019
Index VenturesUnited KingdomLondon1ParticipantMar 2019
Slow VenturesUnited StatesSan Francisco, CA1ParticipantMar 2019
BoxGroupUnited StatesNew York City, NY1ParticipantMar 2019
Amity VenturesUnited StatesSan Francisco, CA1ParticipantMar 2019
DTRIBE CapitalSingaporeSingapore1ParticipantJan 2017
Tuesday CapitalUnited StatesSan Francisco, CA1ParticipantMar 2019
Social CapitalUnited StatesSan Francisco, CA1ParticipantMar 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by Truepill

Truepill has invested in 1 company to date.

Latest investment by Truepill was on July 8th 2020. Truepill invested in Ahead in their $9M Strategic investment round.


Latest Investments by Truepill

Ahead
Description
Ahead is a mental health platform streamlining access to therapy and coaching via telehealth. San Francisco-based since 2022, it matches users with licensed therapists for issues like anxiety, depression, and relationships. Ahead partners with employers for employee assistance programs, offering sessions in under 48 hours and integrating with tools like Slack for corporate wellness.
HQ CountryUnited States
HQ City
San Jose, CA
Deal Date8 Jul 2020
RoundStrategic investment
Raised$9M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Truepill Competitors

Truepill competitors include listed companies like Veradigm and Claritev, and private ones like Rad AI, Nursa, GVE and Arine.

Public and private companies comparable to Truepill
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Rad AIUnited StatesSan Francisco, CAPrivate--$525M-
VeradigmUnited StatesUnited StatesPublicly listed$588M$54M$523M0.9x
NursaUnited StatesSalt Lake City, UTPrivate$20M-$521M26.1x
GVEJapanTokyoPrivate--$521M-
ArineUnited StatesSan Francisco, CAPrivate--$520M-
ClaritevUnited StatesUnited StatesPublicly listed$965M$466M$538M5.2x

Truepill Public Comps

Truepill is no longer listed, but its public comps include Veradigm, Claritev, Equasens, Heren Health, Shang Gong Group, Guiyang Longmaster, GPI Group, RaySearch Labs, Weave Communications and Craneware.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Veradigm$588M$54M0.9x0.9x9.8x6.8x
Claritev$965M$466M5.4x5.2x11.2x8.5x
Equasens$272M$75M1.9x1.8x7.0x6.7x
Heren Health$65M$11M7.4x-42.4x-
Shang Gong Group$649M$27M1.0x-23.7x-
Guiyang Longmaster$44M$5M10.0x-87.9x-
GPI Group$628M$117M1.4x1.4x7.3x6.5x
RaySearch Labs$137M$59M4.4x4.2x10.1x9.3x

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Common questions about Truepill

When was Truepill founded?Truepill was founded in 2016.
Where is Truepill headquartered?Truepill is headquartered in San Francisco, CA, United States.
Is Truepill publicly listed?No, Truepill was acquired by LetsGetChecked in August 2024.
Who acquired Truepill?Truepill was acquired by LetsGetChecked in August 2024.
How much was Truepill acquired for?Truepill was acquired for $525M in August 2024.
What is Truepill's valuation?Truepill was last valued at $1.6B in its Series D in October 2021.
How much funding has Truepill raised?Truepill has raised $255M across 5 funding rounds.
What was Truepill's last funding round?Truepill's last funding round was a $142M Series D in October 2021.
Who are Truepill's investors?Truepill's investors include Initialized Capital, Sound Ventures, Y Combinator, Transpose Platform Management, Optum Ventures, CSC Upshot, Index Ventures, Slow Ventures, BoxGroup, Amity Ventures and 7 others.
What is Truepill's revenue?Truepill's latest recorded revenue is $300M (October 2021).
What is Truepill's revenue multiple?Truepill's latest valuation implies a 5.3x revenue multiple ($1.6B valuation on $300M of revenue).
Which companies are comparable to Truepill?Companies comparable to Truepill include Rad AI, Veradigm, Nursa, GVE, Arine and Claritev.
How many companies has Truepill invested in?Truepill has invested in 1 company, including Ahead.
What was Truepill's last investment?In July 2020, Truepill invested in Ahead's $9M strategic investment round.

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