Helps Innovative Pharmacy and Connected Care Leader Expand Product Offerings, Increase Geographic Footprint and Add-on Technologies to Enhance Connected Care
March 22, 2021 07:30 AM Eastern Daylight Time
NEEDHAM, Mass.--(BUSINESS WIRE)--Accelmed Partners (“Accelmed”), a private equity firm focused on acquiring and investing in U.S. commercial stage, lower middle market HealthTech companies, today announced that it led a $40 million investment in MedMinder Systems Inc. (“MedMinder” or the “Company”), the leading fully-integrated, end-to-end pharmacy, medication adherence and connected care solution for elderly and polypharmacy patients.
Founded in 2007 by Eran Shavelsky, MedMinder is uniquely positioned to meet the needs of elderly and chronically ill patients who require more comprehensive pharmacy service and better engagement with clinical teams. The Company’s touch screen-enabled, automatic pill dispenser is the first solution on the market capable of delivering medications from its pharmacy directly to patients’ doors in pre-organized daily trays for the entire month. In doing so, MedMinder empowers thousands of patients to live more independently in their homes while improving their adherence to prescribed medications. The pill dispenser unlocks only at the specific time a medication should be consumed, monitors the consumption of medications, and allows remote monitoring of drug adherence by caregivers and case managers on behalf of payors as well as telemedicine with physicians, providing peace of mind for families and remote clinical teams.
Dr. Rafael Torgovicky, General Partner of Accelmed, said, “MedMinder has developed an easy-to-use, integrated pharmacy solution that provides its patients with the autonomy to live alone as well as the peace of mind to know they are only a touch away from receiving personalized care and attention from their families, caregivers and pharmacists alike. We are excited to partner with Eran and the entire MedMinder team to further expand the Company’s geographic footprint, integrate new telemedicine technologies, and serve a larger U.S. customer base.”
Proceeds from the investment round will be used to help MedMinder expand its connected care and telehealth offering, more quickly scale its commercial operations by opening additional automated pharmacy locations in high-density metropolitan areas across the U.S., and expand its management, sales and marketing teams with strategic hires.
Eran Shavelsky, Founder and CEO of MedMinder, added, “We elected to partner with Accelmed because they share in our belief that technology-enabled healthcare solutions like telemedicine enable society to drive down the overall cost of healthcare, while serving a greater number of people with increased customization, attention and care. I am confident that Accelmed’s operational expertise and connectivity to a robust pipeline of technology will significantly advance our Company’s growth trajectory and best position us for ongoing to success.”
Dr. Uri Geiger, Managing Partner of Accelmed, concluded, “MedMinder’s growing customer base is a testament to its strong value add to both payors and their patients by responding to unmet healthcare needs without adding costs. We look forward to helping cement MedMinder’s reputation as a market leader in this high-growth industry and are proud to support the Company’s continued expansion at this pivotal point in its evolution.”
Arkin Holdings, the largest and leading Israel-based life sciences and healthcare investor, also participated in the investment round alongside existing MedMinder investors.
About Accelmed Partners
Accelmed is a U.S.-based private equity firm focused on acquiring and investing in U.S. commercial stage, lower middle market HealthTech companies. Since 2009, Accelmed has deployed over $400 million into companies spanning medical devices, diagnostics, digital health and technology-enabled healthcare services. Led by Founder and Managing Partner Dr. Uri Geiger, together with General Partners Evan Norton, Lior Shav and Dr. Rafael Torgovicky, Accelmed seeks to accelerate value and scale innovation across the HealthTech field by bringing to bear the team’s industry experience, operational and financial expertise, and strong global relationships. For more information, please visit https://www.accelmed.com.
About MedMinder Systems Inc.
MedMinder is the leading fully-integrated, end-to-end pharmacy, medication adherence and connected care solution for elderly and polypharmacy patients. Founded in 2007 by Eran Shavlelsky, MedMinder currently employs over 100 team members between its Massachusetts and New York locations and is a recognized ultra-high-growth digital healthcare company. MedMinder’s touch screen-enabled, automatic pill dispenser is the first device on the market capable of delivering medications from its pharmacy directly to patients’ doors in pre-organized daily trays for the entire month. With a customer-first approach, MedMinder is continually innovating to improve and meet the evolving needs of patients, caregivers, practitioners and payors. More information can be found at https://www.medminder.pharmacy.
Amanda Klein/Alex Jeffrey
Gasthalter & Co.