Pharmacy Marketplace Closes Series Seed Financing

Partnering to power the next phase of community pharmacy

BESSEMER, Ala., March 7, 2023 /PRNewswire/ -- Pharmacy Marketplace announces it has closed Series Seed-3 financing, including participation from Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc. The relationship supports the scalability and accessibility of the Pharmacy Marketplace software, serving independent pharmacies everywhere.

As the pharmaceutical market has evolved, Pharmacy Marketplace was developed by pharmacy owners to access the power of reactive artificial intelligence modules to synthesize the variables in purchasing and improve business performance for independent pharmacies.

This investment helps facilitate the next phase for Pharmacy Marketplace. Capital will be invested to increase the platform's capabilities and train the customer success team, to ensure pharmacies integrate Pharmacy Marketplace into workflows and maximize the benefits of the platform.

Pharmacy Marketplace Founder and CEO, Wade Hinkle said, "Pharmacy Marketplace is at a critical inflection point with massive growth potential and high user demand. Live Oak Bank is as good as it gets in the pharmaceutical industry. This partnership bolsters our core offering, providing the liquidity and scalability needed to improve profitability for all independent pharmacies nationwide."

"Live Oak is excited to invest in companies such as Pharmacy Marketplace that leverage next-generation technology to support business growth. As a bank that lends to independent pharmacies across the country, we see the extraordinary value Pharmacy Marketplace is providing independent pharmacists to help them maximize their wholesaler rebate while minimizing their cost of goods with strategic purchasing on the secondary market," said Stephanie Mann, Live Oak Bank Chief Strategy Officer.

Independent pharmacies can join Pharmacy Marketplace to get the powerful purchasing platform needed to navigate today's multifaceted marketplace with ease.

About Pharmacy Marketplace:

Pharmacy Marketplace is a powerful software platform was created by pharmacy owners for pharmacy owners to support real-time purchasing decisions to reduce cost of inventory and maximize the sustainability of independent pharmacies. Visit https://pharmacymarketplace.com.

About Live Oak Ventures:

Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares, is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.

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SOURCE Pharmacy Marketplace