New funding by existing investors will support company’s next stage of development and core business growth

May 14, 2024 06:00 AM Pacific Daylight Time

WILMINGTON, Del.–(BUSINESS WIRE)–Truveris, the leader in pharmacy cost containment and program performance, today announced it has raised $15 million in Series E investment led by two lead investors, Canaan Partners and New Leaf Venture Partners.

“This financing round represents a further validation of our industry-leading solutions and ongoing growth potential. We will continue to evolve the Truveris platform, and together with our valued business partners and clients, will transform and reduce pharmacy spend for employers and their plan members.”

The funding will support Truveris’ next stage of corporate development and operational growth as it continues to deliver best-in-class pharmacy benefit solutions to employers nationwide. Truveris’ proprietary technology platform replaces traditional PBM (pharmacy benefit manager) contracting and renewal models. It creates a transparent and dynamic competitive marketplace that drives significant savings on pharmacy pricing and improved contract terms. Truveris’ technology also provides ongoing analysis of 100% of claims throughout the life of the contract to ensure contract compliance, enable program optimization, and satisfy fiduciary responsibilities.

“We are pleased by the continued commitment of Truveris’ current long-term investors, Caanan and New Leaf, to advancing the company’s success,” said Nanette Oddo, Chief Executive Officer, Truveris. “This financing round represents a further validation of our industry-leading solutions and ongoing growth potential. We will continue to evolve the Truveris platform, and together with our valued business partners and clients, will transform and reduce pharmacy spend for employers and their plan members.”

Support from existing investors underscore the value of the Truveris tech-driven model

“What made Truveris unique since its inception has been its singular focus on using technology to address one of the biggest benefit challenges facing employers – escalating pharmacy spend,” said Stephen Bloch, General Partner, Canaan Partners. ”Truveris is ideally positioned to transform pharmacy contracting and oversight, providing transparency and control to employers while significantly reducing pharmacy spend for both employers and their plan members.”

Vijay Lathi, Managing Director at New Leaf Venture Partners, added, “There has never been more attention placed on PBM practices and the impact on pharmacy costs as there is right now. For years, Truveris has been at the forefront of developing technology to address the most pressing challenges in PBM management and cost containment. We are pleased to increase our investment in Truveris and extend our partnership to support the next chapter in the Company’s evolution.”

For more information about Truveris, please contact info@truveris.com.

About Truveris

Truveris is a leading healthcare technology company focused on transforming and reducing pharmacy spend. Truveris has built the only independent, data-led, tech platform that creates complete PBM pricing transparency and drives competition to reduce costs for employers. Our solutions replace traditional pharmacy procurement and renewal models for self-insured employers by providing deep insights, comparative procurement, 100% claims analysis, and member engagement solutions. For more information on our solutions, visit www.truveris.com.

Contacts

Media:
Jenna Romeo
Sr. Director, Marketing
jromeo@truveris.com

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