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Sun Life is Backing A Digital Pharmacy Startup

December 19, 2023
•
x min read
Sun Life is Backing A Digital Pharmacy Startup

One of the biggest insurance companies in Canada is making a new bet on digital pharmacies being the future of healthcare.

‍What’s happening:‍

  • Toronto based digital pharmacy startup Pillway has raised $9.5M CAD in a Series A financing round
  • The entire funding round came from Canadian insurance giant Sun Life

The big idea:‍

  • Pillway has built a technology platform that connects patients with doctors directly in order to enable a more seamless experience to get medications prescribed
  • Once a doctor has made a prescription, Pillway will have the medication sorted into organized packets and delivered directly to the patient at their home

Going deeper:‍

  • Pillway and Sun Life previously entered into a partnership to co-develop Lumina Health Pharmacy app, which was made available to anyone with Sun Life insurance
  • Lumina Health Pharmacy leverages Pillway’s technology platform to connect patients with a pharmacist in real time and fulfil prescriptions

The intrigue:‍

  • WELL Health Technologies (TSX: WELL) previously was the sole strategic investor in Pillway’s seed round

By the numbers:‍

  • Pillway has raised $14.5M CAD since inception

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