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DENVER — UrgentRx on Tuesday announced that the company has closed an additional $2.5 million in Series B funding, led by current investors as well as attracting new capital. The additional funding brings the company’s total funding to date to more than $7 million.
“We’ve had tremendous success working closely with Duane Reade and other retailers to create game-changing merchandising systems that take advantage of unused space, turn heads and entice consumers to reach out and grab our products,” stated Jordan Eisenberg, president UrgentRx. “This additional funding will allow UrgentRx to accelerate efforts to reach consumers and support our retail partners as we expand into more and more markets.”
UrgentRx are flavored OTCs in a powder format that quickly dissolves on the tongue. "Additionally, [the packaging is] actually the size of a credit card, which we've patented, so you can stick it in your wallet and carry it with you at all times," Eisenberg recently told DSN in an exclusive podcast interview.
After raising $3 million in mid 2012, the company reopened the round due to accelerated momentum at retail. The additional funds will be primarily used to build inventory, produce innovative point-of-sale merchandising, and fund marketing for the national launch.
UrgentRx has expanded its retail presence into more than 2,500 stores nationwide, including Walgreens-owned Duane Reade, as well as several national retail chains. The company anticipates retail expansion to more than 20,000 to 25,000 locations by the end of the year.
The round was led by current investors JUMP Investors and Boulevard Capital Partners. New investors in the round include billionaires Sam Zell (Chicago financier and real estate developer), David Bonderman (founder of private equity giant Texas Pacific Group) and Herb Simon (real estate magnate and founder of Simon Properties), along with two-time Academy Award-winning actress Hilary Swank.
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