Francisco Partners and Spectrum Equity Make Growth Investment in GoodRx
Press Releases — Oct 07, 2015
Partnering with Founders
GoodRx, America’s leading prescription price transparency platform, today announced an investment from Francisco Partners and Spectrum Equity.
"We are proud to offer solutions that help Americans afford life-saving medications,” said Doug Hirsch, co-CEO of GoodRx. “The U.S. healthcare system can be confusing and opaque. We believe every American deserves a clear, simple way to understand and control their healthcare budgets.”
More than 2.5 million people use GoodRx’s website and popular mobile apps each month. GoodRx helps consumers save up to 80% on their medications by delivering prices and available discounts at nearly every pharmacy in the U.S. Thousands of physicians and employees use GoodRx, and its services have been positively reviewed by Good Morning America, the American Heart Association, The New York Times, ABC News, AARP, Forbes and many others.
“The expertise and resources of Francisco Partners and Spectrum Equity will enable GoodRx to provide information and savings to even more Americans,” added Trevor Bezdek, co-CEO of GoodRx.
Francisco Partners has deep experience in the healthcare and pharmacy IT space through its prior investments in such companies as CoverMyMeds, Aesynt, HealthcareSource and Therapeutic Research Center. Spectrum Equity has a track record of investing in leading consumer internet and healthcare IT companies, including Ancestry.com, SurveyMonkey, Lynda.com and Passport Health.
“GoodRx sits at the intersection of two healthcare megatrends: the ‘consumerization’ of healthcare and demand for greater price transparency,” said Chris Adams, Partner at Francisco Partners. “GoodRx has already gained significant traction, and we look forward to partnering with the existing leadership team to further their vision of making prescription medications more affordable for consumers.”
“GoodRx stands out in the healthcare space because it is building a consumer brand and a healthcare tool that Americans want to use,” said Steve LeSieur, Managing Director at Spectrum Equity. “GoodRx has a tremendous opportunity to serve the mass market and make a real impact on the nation’s healthcare spend.”
Financial terms of the transaction were not disclosed.
GoodRx is the largest prescription price transparency platform in America. The company gathers the most up-to-date prices, co-pays, and discounts on medications from nearly every pharmacy in the country and provides this information to consumers in an easy-to-use mobile and web experience. With GoodRx, Americans can save up to 80% on their prescriptions. A top-ranked medical app in the iTunes App Store, GoodRx can be used by anyone, regardless of their insurance or Medicare status. For more information and to download the free iOS or Android app, visit www.goodrx.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 15 years ago, Francisco Partners has raised approximately $10 billion in capital and invested in more than 150 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sectoral knowledge and operational expertise can help companies realize their full potential.
About Spectrum Equity
Founded in 1994 with offices in Boston and San Francisco, Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative internet, software and information services companies. Representative investments include Ancestry.com, BATS, Definitive Healthcare, GrubHub, Lynda.com, Passport Health, SurveyMonkey and Verafin. For more information, visit www.spectrumequity.com.
GoodRx provides consumers with price transparency and significant cost savings on their prescription medications. Since its founding, GoodRx has enabled consumers to save more than $20 billion by directing them to lower cost alternatives via the company’s intuitive web and mobile interfaces. GoodRx also offers a telemedicine platform that provides consumers with high-quality care across over 100 telehealth services. With over 17 million monthly consumers, outstanding customer loyalty, connectivity to more than 70,000 retail pharmacies, and deep relationships across the healthcare ecosystem, GoodRx has built the premier trusted brand that makes the US healthcare system more affordable and transparent.