New York based Pharmapacks announced the closing of US$40M bridge round financing on 3 September 2020. The total funding raised by the firm till now stands at US$ 222.5M.
The funding round was led by Reckitt Benckiser, The Craftory, The Straus Group, The Emerson Group, and Sawaya Capital Partners. J.P. Morgan Securities LLC acted as the Sole Placement Agent on the financing. In July the company had announced its growth financing of US$ 150M with GPI Capital and JPMorgan Chase Bank.
Pharmapacks is a leading ecommerce company that offers products for daily health and wellness needs. It is an enablement platform and retail seller for various brands.
“We’re excited to bring in new investors and welcome back long-term partners like RB and Emerson Group that have helped Pharmapacks continually reach new heights,” said the CEO of Pharmapacks Andrew Vagenas.
Pharmapacks was founded in 2011 by Adam Berkowitz, Andrew Vagenas, Bradley Tramunti and Jonathan Webb. Pharmapacks serves as a “launch pad” for emerging brands by providing a range of lesser-known brands access to their e-commerce platform and consumer base. This allows the brands to focus on product research and development. It strategically sets competitive price points and builds a connection between the consumer and the brand.
Pharmapacks connects its consumers to their favourite brands on marketplaces such as Amazon, Walmart, eBay, Google and Facebook, becoming one of the largest marketplace sellers in North America.
According to the company, they had made US$ 250M in sales in 2019 and is on a current run rate to achieve around 70% year over year growth. Its aim is to empower brands with a complete and cost-effective logistics, fulfillment, marketing and sales solution.
“RB is very happy to be further strengthening our investment and long-term partnership with Pharmapacks. The continuing acceleration of eCommerce provides a great opportunity for both our companies to provide better access and a superior consumer experience online,” said Arjun Purkayastha, Senior Vice President at Reckitt Benckiser.
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