Iowa City-based TelePharm has closed a $2.5 million Series A funding in a round led by two of Iowa’s most prolific and respected investors, John Pappajohn and Bruce Rastetter. The company, which developed technology that enables patients to connect to any pharmacist from any location, is also a part of Rock Health, seed fund for digital health startups based in San Francisco.
“When he told us about this, it just made sense,” Rastetter said of Roby Miller, TelePharm’s founder and CEO. “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 touts its tech as an economic game-changer for the pharmacy industry, allowing pharmacists in a central location to serve patients at offsite pharmacies.TelePharm touts its tech as 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. Pharmacy owners are able to provide quality patient care more cost-effectively and without geographic restrictions, while patients benefit from more convenient and accessible care.
TelePharm will use the new funds to grow its team, scale operations, and expand its product line by launching two new products, TeleCounsel and TeleCheck, which will provide patients with access to specialized health experts, while 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.”
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.