About CoverMyMeds
CoverMyMeds is a company based in Twinsburg (United States) founded in 2008 by Alan Scantland and Sam Rajan. It operates as a B2B, and SaaS. CoverMyMeds has raised $1.25 million across 4 funding rounds from investors including Francisco Partners, SaaS Capital and JumpStart Ventures. The company has 1,267 employees as of December 31, 2019. CoverMyMeds offers products and services including Prior Authorization, Patient Support, and Claim Rejection. CoverMyMeds operates in a competitive market with competitors including NantHealth, SamaCare, TurningPoint Healthcare Solutions, Cohere Health and OncoHealth, among others.
- Headquarter Twinsburg, United States
- Employees 1267 as on 31 Dec, 2019
- Founders Alan Scantland, Sam Rajan
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Sectors
Healthcare
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Covermymeds, Llc
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$1.25 M (USD)
in 4 rounds
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Latest Funding Round
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Investors
Francisco Partners
& 2 more
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Employee Count
1267
as on Dec 31, 2019
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Products & Services of CoverMyMeds
CoverMyMeds offers a comprehensive portfolio of products and services, including Prior Authorization, Patient Support, and Claim Rejection. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Streamlines requests to avoid therapy delays for patients.
Offers copay assistance and hub services for medication access.
Helps resolve formulary barriers instantly for therapies.
Funding Insights of CoverMyMeds
CoverMyMeds has successfully raised a total of $1.25M across 4 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Last Round
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First Round
First Round
(07 Jul 2010)
- Investors Count 3
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Nov, 2014 | Amount | Series C - CoverMyMeds | Valuation | Francisco Partners |
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| Sep, 2013 | Amount | Debt – Venture - CoverMyMeds | Valuation |
investors |
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| May, 2011 | Amount | Seed - CoverMyMeds | Valuation | Jumpstart Ventures |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in CoverMyMeds
CoverMyMeds has secured backing from 3 investors, including venture fund and institutional investors. Prominent investors backing the company include Francisco Partners, SaaS Capital and JumpStart Ventures. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Private equity investment firm focused on technology sector
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Founded Year | Domain | Location | |
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Venture capital funding is provided to tech startups by JumpStart Ventures.
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Founded Year | Domain | Location | |
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by CoverMyMeds
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - CoverMyMeds
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Covermymeds Comparisons
Competitors of CoverMyMeds
CoverMyMeds operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as NantHealth, SamaCare, TurningPoint Healthcare Solutions, Cohere Health and OncoHealth, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Bioinformatics platforms are provided for cancer treatment identification.
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| domain | founded_year | HQ Location |
Platform for managing prior authorization solutions in healthcare is offered.
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| domain | founded_year | HQ Location |
Provider of complex condition management solutions for health plans and providers
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| domain | founded_year | HQ Location |
Prior authorization solutions are provided to enhance patient care.
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| domain | founded_year | HQ Location |
OncoHealth is focused on delivering oncology-focused digital health solutions.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Covermymeds
Frequently Asked Questions about CoverMyMeds
When was CoverMyMeds founded?
CoverMyMeds was founded in 2008 and raised its 1st funding round 2 years after it was founded.
Where is CoverMyMeds located?
CoverMyMeds is headquartered in Twinsburg, United States. It is registered at Twinsburg, Ohio, United States.
Who is the current CEO of CoverMyMeds?
Alan Scantland is the current CEO of CoverMyMeds. They have also founded this company.
Is CoverMyMeds a funded company?
CoverMyMeds is a funded company, having raised a total of $1.25M across 4 funding rounds to date. The company's 1st funding round was a Seed of $1M, raised on Jul 07, 2010.
How many employees does CoverMyMeds have?
As of Dec 31, 2019, the latest employee count at CoverMyMeds is 1,267.
What does CoverMyMeds do?
CoverMyMeds offers technology-based solutions to address barriers in medication access and affordability, including prior authorization and patient support services. It serves pharma companies, providers, pharmacies, and payers by streamlining workflows and reducing delays. Operating under McKesson, it focuses on improving health outcomes through integrated tools for electronic prior authorizations and claim management, though specific locations are not detailed.
Who are the top competitors of CoverMyMeds?
CoverMyMeds's top competitors include NantHealth, SamaCare and Glidian.
What products or services does CoverMyMeds offer?
CoverMyMeds offers Prior Authorization, Patient Support, and Claim Rejection.
Who are CoverMyMeds's investors?
CoverMyMeds has 3 investors. Key investors include Francisco Partners, SaaS Capital, and JumpStart Ventures.
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