Medly Pharmacy, a full-service digital pharmacy that offers free same-day prescription delivery, announced today its new headquarters location on 31 Debevoise St., in the Bushwick neighborhood of Brooklyn, New York. The three-floor, 30,000 square foot space will support both corporate employees while serving as our local New York City pharmacy outpost. The new location will enable Medly to serve 15x more patients and cover the entire NYC area.
This expansion follows Medly's $100 million series B funding round in July, co-led by Greycroft and Volition Capital, and amid a digital healthcare boom underscored by the COVID-19 pandemic. Medly has grown from $1 million in revenue in 2017 to $200 million in revenue in 2020 — and doubled since 2019. Over the past year, customers, including seniors and patients with chronic health conditions, have been more wary of leaving their homes and potentially being exposed to COVID-19.
Powered by technology and founded by second generation pharmacy owners, Medly understands the pharmacy landscape and how it can improve health outcomes. It provides a comprehensive solution by dispensing all types of medications, including specialty, brand, generic, and topical drugs. By doing the customer's price research, Medly has also helped customers save $12.8 million on their prescriptions to date. By accepting all insurances, including Medicare and Medicaid, and providing same-day prescription delivery, Medly becomes the only place patients need to go for their pharmacy needs.
To accommodate Medly's rapid growth, the new headquarters will allow Medly Pharmacy to serve fifteen times more customers and provide a home to new hires that will assist with Medly's robust new market expansion plan, as well as ensuring success in existing markets, including New Jersey, Philadelphia, North Carolina, Baltimore, and Miami. Medly's team has already grown by 85% since the beginning of 2020 and is looking to expand even further in 2021.
New York City, Medly's first market, serves as a window into the overall need for Medly's services where medication deliveries have grown 3x year-over-year, and the patient base has grown 2.5x year-over-year.
"2020 has been a landmark year for Medly and the democratization of the pharmacy," said Marg Patel, CEO and Co-founder of Medly. "With plans to expand to multiple metro areas across the county over the next year, we are thrilled to embark on a new era for the company right here in Brooklyn, where we are headquartered."
"The COVID-19 pandemic has reshaped the way that Americans access their healthcare and medications," said Prasad Pola, Chief Technology Officer of Medly. "The pandemic has also exposed the deep fractures and breaks in our current healthcare system, and at Medly, we are working to pave a better path forward. We are thrilled to get to work at our new headquarters where we can expand our work to make that vision a reality."
About Medly Pharmacy
Medly Pharmacy is a full-service, digital pharmacy that delivers a patient's prescriptions to their door for free on the same day, in New York City, New Jersey, Miami, Philadelphia and Baltimore. The digital experience makes managing prescriptions simple, efficient, smart and most importantly, safe for customers. More information can be found at https://medly.com/.
