SmithRx is a next-generation pharmacy benefits manager that combines advanced technology with a member-centric approach to simplify and lower prescription costs. The company operates programs such as Autoimmune Savings and Low-Cost Insulin and has partnerships with Mark Cuban Cost Plus Drug Company and Amazon Pharmacy. SmithRx targets small and midsize self-insured businesses and seeks to deliver transparency, simplicity, and cost savings to main street employers across the United States. Jake Frenz is the founder and CEO and frames the company’s mission as fixing the broken PBM-driven drug-pricing system. Financially, SmithRx announced a $60M Series C and previously raised a $20M Series B in 2022. The company is positioned to use the new funding to continue reducing pharmacy benefit costs and scaling its programs and partnerships. SmithRx provides a modern, technology-first pharmacy benefits management platform that emphasizes 100% pass-through pricing, transparency, and cloud-based infrastructure. The company has rebuilt PBM technology from the ground up and offers integrated cost-savings programs and alternative sourcing through SmithRx Connect. SmithRx reports rapid adoption and surpassed 1,100 employer clients during a year of record growth and works with hundreds of broker and TPA partners. Its approach gives employers direct control and visibility into drug pricing, with clinical programs designed to improve outcomes and reduce total drug spend. The company operates offices in California and Utah and highlights a multi-year build of its platform that the team developed over the last six years. Proceeds from the recent financing will support continued expansion as SmithRx seeks to grow its foothold in next-generation PBM. SmithRx is a San Francisco–based pharmacy benefit manager (PBM) founded in 2016 that offers a modern, technology-driven platform to deliver flexible, customer-centric pharmacy benefit products. The company emphasizes real-time data and concierge customer support, with a 100% in-house team that includes engineers and front-line clinicians. SmithRx aims to align incentives, surface insights to improve care delivery, and enable greater choice for clients and members. Leadership positions the product as addressing longstanding issues in the PBM sector, including antiquated technology and limited choice. The company highlights a large market opportunity, citing $460B spent at pharmacies in 2016 (QuintilesIMS). The recent financing is intended to help SmithRx scale and accelerate its technology-driven approach to pharmacy benefits.

Total raised

$89M

Funding rounds

3

Latest round

Series C

Latest activity

Jan 2024