What is SmithRX?
SmithRX is a technology-driven pharmacy benefit manager (PBM) focused on reducing total drug costs and enhancing health outcomes through a transparent, 100% pass-through pricing model and advanced PBM technology. The company leverages its cloud infrastructure and a network of hundreds of broker and TPA partners to deliver lower pharmacy costs for employers. SmithRX's offerings include clinical programs and alternative sourcing via SmithRX Connect, empowering members to manage prescription benefits and decrease overall drug spend. Founded with a mission for simplicity and transparency, SmithRX operates with offices in California and Utah, presenting a modern alternative to traditional PBMs.
How much funding has SmithRX raised?
SmithRX has raised a total of $89.3M across 4 funding rounds:
Series A
$9M
Debt
$350K
Series B
$20M
Series C
$60M
Series A (2018): $9M with participation from Blumberg Capital, Box Group, and NextGen Venture Partners
Debt (2020): $350K led by PPP
Series B (2022): $20M supported by Venrock and Founders Fund
Series C (2024): $60M featuring Venrock
Key Investors in SmithRX
Venrock
Venrock is a historic venture capital firm founded in 1969, known for partnering with founders to build innovative, high-growth companies. They provide entrepreneurial support, strategic guidance, and possess deep industry expertise, particularly in technology and healthcare ventures.
Blumberg Capital
Blumberg Capital is an early and growth stage venture capital firm that actively supports visionary technology founders from inception to exit, offering capital and hands-on advisory services.
Box Group
BoxGroup is an early-stage investment fund focusing on technology companies across sectors like climate, fintech, and software, investing in innovative ideas and visionary projects from their inception.
What's next for SmithRX?
The substantial enterprise-level funding, including the recent major strategic investment, positions SmithRX for accelerated growth and market penetration. This capital infusion is expected to fuel further technological development, expand its partner network, and enhance its clinical programs. As a company that has already achieved significant milestones, this latest round of financing suggests SmithRX is entering a scaling phase, aiming to solidify its leadership in transparent pharmacy benefit management and capture a larger share of the employer benefits market. The strategic nature of the recent investment indicates potential collaborations or market expansions on the horizon.
See full SmithRX company page
