Digital pharmacy start-up Medly Health Inc., which launched in 2017, has voluntarily filed for a Chapter 11 bankruptcy in Delaware, following two large layoffs in August. The corporate reported greater than $110 million in secured debt.
The corporate gained popularity in the course of the COVID-19 pandemic as a substitute choice to pharmacies, offering free same-day prescription delivery, and was presupposed to be the fastest-growing digital pharmacy.
The brand secured $100 million in Series B funding in July 2020 with plans to proceed scaling the business.
In June 2021, Medly acquired Pharmaca, a primarily online wellness store that sells an array of brands like Jane Iredale, Juice Beauty, Vital Proteins and Olly. When this acquisition was revealed, it was said that Pharmaca had...
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