TelePharm Announces Close of $2.5 Million Series A Funding Round
IOWA CITY, Iowa, August 8, 2014 – TelePharm, an Iowa City-based digital healthcare company, has closed a $2.5 million Series A funding round. The round was led by two of Iowa’s most prolific and respected investors, John Pappajohn and Bruce Rastetter. The company is also a part of Rock Health, a full-service seed fund for digital health startups based in San Francisco.
“When he told us about this, it just made sense,” Rastetter said of Miller. “You have someone who has developed technology to help provide a service in rural communities. From an entrepreneurial standpoint, those really successful ideas solve problems. If you can spread that over a larger area, whether rural or in cities, there is a large market there.”
TelePharm’s unique technology enables patients to connect to any pharmacist from any location via a secure proprietary online platform. TelePharm is an economic game-changer for the pharmacy industry, allowing pharmacists in a central location to serve patients at offsite pharmacies,or even in a physician’s office, long-term care facility, or directly in a patient’s home. TelePharm founder and CEO Roby Miller explained, “The idea for the company came after my family had to close two rural Iowa pharmacies.” With TelePharm, pharmacy owners are able to provide quality patient care more cost-effectively and without geographic restrictions, while patients enjoy more convenient and accessible care.
TelePharm will utilize the new capital to grow its team, scale operations, and expand its product line by launching two new products, TeleCounsel and TeleCheck. TeleCounsel and TeleCheck will build upon an already successful platform, giving patients greater access to specialized health experts and enabling owners of pharmacies and other healthcare providers to maximize onsite and offsite resources.
“This funding will strengthen our position in the industry and allow us to continue making our product more efficient and effective for both patients and healthcare providers,” Miller said. “We look forward to growing as a leader in the telehealth solutions marketplace.”
TelePharm is backed by Rock Health, a full-service seed fund that provides digital health entrepreneurs with strategic and operational support, access to a network of partners, co-working space, and funding.
“This is a wonderful opportunity to invest in Iowa and rural America and I couldn’t be more pleased to be part of it,” said Bruce Rastetter. “TelePharm will improve patient care, lower costs and increase healthcare accessibility for those often under-served – our rural and small town neighbors.”
Additional seed capital was provided by Built By Iowa, an equity fund created by Miller, Ravi Patel and Adam Ingersoll to support early-stage Iowa businesses. Patel says “We are thrilled to see Roby’s idea grow from a solution to a rural Iowa problem into a thriving business poised to improve healthcare globally, and we are excited to see TelePharm continue developing with the support of world-class investors and business leaders Pappajohn and Rastetter.”
TelePharm is a leading telepharmacy and telemedicine software platform for remote delivery of healthcare services across all areas of medicine, enabling patients to receive personalized care safely and effectively in a consistent, affordable, and convenient manner. TelePharm software eliminates redundant activities and overhead, reducing the cost of healthcare and enabling broader global patient access to cutting-edge personalized medicine. TelePharm’s web-based solution includes patient scheduling, prescription and workflow applications, inside of a HIPAA-compliant video platform that integrates seamlessly with Pharmacy Management Systems, Electronic Medical Records and medical devices.