Patient Medication, Health Management Platform CareZone Raises $50M
CareZone, a platform for managing chronic illness and organizing health records, has raised $50 million in a series D funding round led by New Enterprise Associates, with participation from McKesson Ventures and Marc Benioff.
CareZone is an app that helps users keep track of their medications and makes managing chronic illnesses easier.
To document medications, users point their smartphone camera at each of their medications. CareZone takes the data from the medication labels and populates the information within the app. The app also gives users information about the best insurance plans for them based on their medication list. It even allows users to have their medications delivered for free.
CareZone Co-founder and CEO Jonathan Schwartz said the new funding will help the company expand its services. He also noted that consumers are looking for tools that have multiple functions in one place. “It is clear if you look at the industry that health insurers, retail, and a lot of diagnostics are converging,” he said. “What we believe they are all heading towards is the integration of pharmacy, insurance, and healthcare all in a single platform, and that is what CareZone provides.”
CareZone currently generates $1 million in pharmacy orders “every week or so,” according to Schwartz. He believes the scale of the market is really unlimited.
“We help provide that seamless e-commerce experience on the front end and are able to connect it all to the complex and complicated back end,” Schwartz said. “In a simplistic way we make healthcare the same delightful e-commerce experience in every other aspect of your life, but we do it for the one area that has been under-attended.”