Pharmapacks, an e-commerce marketplace for pharmaceutical and healthcare products, has announced that it’s raised $250 million in new funding from private equity firm Carlyle Group that places its valuation at $1.1 billion. The new funding round sums up the total amount of outside funding that Pharmapacks has raised since its inception to nearly $500 million. 

Before now, Pharmapacks was backed by firms including JP Morgan Chase, The Emerson Group, and McKesson Ventures, which is the venture arm of healthcare giant McKesson. 

Pharmapacks is an e-commerce marketplace that offers access to a broad range of pharmaceutical and healthcare products from many brands. The company was originally founded as a single brick-and-mortar pharmacy store but later evolved into an e-commerce platform for pharmaceutical products that serves the Northern American market. 

Pharmapacks says it had over $250 million in sales last year and is on track to grow 60% year-over-year, meaning $400 million in projected sales for this year. The company will put its new $250 million capital towards expanding its business, with plans to open a new 230k square foot fulfillment center this month. 

An investment in Pharmapacks marks the latest for the Carlyle Group, which is one of the biggest American private equity firms and is a prolific investor in the technology industry. Its investment in Pharmapacks comes from an $18.5 billion fund that it closed in 2018 to invest in companies from the ‘Consumer, Media and Retail’ sectors. 

Since its inception, the Carlyle Group has bet billions of dollars on many technology companies across the globe. Among its notable investments include CATL, the Chinese maker of batteries for electric vehicles; Delhivery, the Indian logistics startup; and Beats Electronics, the premium headphones maker acquired by Apple. 

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