# Smith Health

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/smith-health

- Industry: Internet
- Headquarters: San Francisco, US
- Website: www.smithrx.com
- Total disclosed funding: $105M
- Latest round: Series C (Nov 15, 2023)
- Investors on record: 8

## About

Smith Health, Inc. provides innovative pharmacy benefit management solutions focused on transparency and cost-effectiveness for employers and their members, ensuring affordable access to medications through a user-friendly digital platform.Founded in 2015 by Jake Frenz, Smith Health, Inc. operates from its headquarters in San Francisco, US. The company specializes in pharmacy benefit management (PBM) services, having successfully completed 5 funding deals, the most recent being a Series C round on November 15, 2023, led by Venrock, raising USD 60.00 mn, bringing the total amount raised to USD 60.00 mn and a current valuation of USD 295.51 mn.SmithRx offers a modern pharmacy benefit management (PBM) solution designed to provide employers and their members with transparent, affordable access to medications. The company's core product focuses on delivering clear pricing and significant drug savings while ensuring a seamless user experience through a single digital platform. This platform enables users, including employers and their employees, to manage prescriptions, access pharmacy cards, and utilize data insights for smarter benefit solutions. SmithRx primarily targets organizations in the United States, serving a diverse client base that includes over 500 brokers and third-party administrators. The company emphasizes its commitment to transparency, with all savings passed directly to clients, allowing for true cost control without hidden fees or misleading discounts.SmithRx engages in a business model that revolves around providing pharmacy benefits through direct partnerships with employers, brokers, and third-party administrators. These partnerships often involve B2B transactions where employers subscribe to the PBM services for their employee health plans. The company structures its revenue around service agreements that may involve fixed fees or a percentage of the drug savings achieved for clients, promoting a client-aligned approach to cost management. The company positions itself as a cost-effective alternative to traditional PBMs by consistently achieving average savings of 30% or more on total drug costs for its clients compared to legacy providers.In November 2023, Smith Health, Inc. secured USD 60.00 mn in Series C funding, led by Venrock. The company intends to leverage this funding to further enhance its pharmacy product and revolutionize the member experience. Future growth strategies include the development of new product offerings and expansion into new markets, as the company continues to refine its services to meet the needs of a broader client base.

## Funding rounds

- Series C, Nov 15, 2023, $60M — Venrock
- Series B, Feb 2, 2022, $27M — Venrock, Founders Fund
- Series A, Jul 31, 2018, $5.5M — Blumberg Capital, Founders Fund, BoxGroup, Precursor Ventures, NextGen Venture Partners, SciFi VC
- Series A, Jan 11, 2018, $9M — Blumberg Capital, Founders Fund, Great Oaks Venture Capital, BoxGroup, NextGen Venture Partners, SciFi VC
- Series A, Mar 31, 2017, $3M — Blumberg Capital, Founders Fund, Great Oaks Venture Capital, BoxGroup, Precursor Ventures, NextGen Venture Partners

## Investors

- Blumberg Capital (https://capitalatlas.ai/funds/blumberg-capital) — Series A
- Founders Fund (https://capitalatlas.ai/funds/founders-fund) — Series A, Series B
- Great Oaks Venture Capital (https://capitalatlas.ai/funds/great-oaks-venture-capital) — Series A
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Series A
- Precursor Ventures (https://capitalatlas.ai/funds/precursor-ventures) — Series A
- NextGen Venture Partners (https://capitalatlas.ai/funds/nextgen-venture-partners) — Series A
- SciFi VC (https://capitalatlas.ai/funds/scifi-vc) — Series A
- Venrock (https://capitalatlas.ai/funds/venrock) — Series B, Series C