Truepill (FKA: Postmeds), a Prime Unicorn Index component that provides a pharmacy API and fulfillment of medications for companies such as Hims and GoodRx, has recently authorized a Series E round that would drop its share price by 93.7%.
Prior to this upcoming round, Truepill raised around $255 million, most recently through a $142 million Series D round in October 2021 at $357.70 a share with participation from Initialized Capital and TI Platform Management. This valued the company at over $1.7 billion.
On August 16, 2023, Truepill authorized a Series E round at a preferred price per share of $22.68, a 93.7% discount from its previous PPPS of $357.70. This cram-down round will almost certainly result in Truepill losing its unicorn status and inclusion in the Prime Unicorn Index.
Truepill’s Series E authorization comes on the tail of a tumultuous period for the company. After multiple rounds of layoffs over the past year, Truepill has seen its co-founder and CEO Sid Viswanathan step down, along with the departures of its Head of Growth and CFO. According to a recent article from The Information, Gary Tan, co-founder of Initialized Capital and CEO of Y Combinator, also plans to step down as board director at the company.
See how Truepill has performed against the Prime Unicorn Index below.