Funding profile · Pharmacy and telehealth infrastructure

Truepill

Four Form D filings record $307.5 million sold between 2019 and 2023. Valued at $1.6 billion in 2021, sold for $525 million in 2024, of which $25 million was cash.

$307.5MSold across four Form D filings, 2019 to 2023
$1.6BSeries D valuation, Oct 2021, company-reported
$525MSale price to LetsGetChecked, closed Oct 1, 2024
$66.2MSold of $107.0M offered, final Form D

Data as of September 23, 2026. Company figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2017 Y Combinator Not disclosed Initialized Capital led the seed Founder interview
Dec 2019 Equity $23.30M sold of $25.75M 6 investors; Woersching on the board Form D
Aug to Sep 2020 Series C $75.54M sold of $76.02M; announced as $75M 10 investors; Tan, Lamont and Bangash on the board Form D
Oct 2021 Series D $142.48M sold of $150.00M; announced as $142M 9 investors; Initialized and TI Platform named; Prince joins the board Form D + release
Nov 2022 Convertible debt $50M per PitchBook, cited by Forbes Mark Cuban confirmed participating Independent
Aug to Sep 2023 Equity plus converts $66.18M sold of $107.00M 14 investors; Lamont and Renfro on the board; no founder listed Form D
Oct 1, 2024 Acquisition by LetsGetChecked $525M, $25M of it cash, plus up to $200M earnouts Wholly owned subsidiary Axios + company release

What the filings show

Truepill, Inc. · Form D · filed Sep 1, 2023

First sale
Aug 16, 2023
Offered
$107,000,000
Sold
$66,179,603 · $40,820,397 remaining
Investors
14 · average about $4,727,000
Exemption
Rule 506(b)
Related persons
Paul Greenall (executive officer, director); Daniel Simkin (executive officer); Annie Lamont (director); Larry Renfro (director)
Filing
SEC EDGAR, CIK 0001796680

Truepill, Inc. · Form D · filed Oct 29, 2021

First sale
Oct 14, 2021
Offered
$149,999,494
Sold
$142,476,323 · $7,523,171 remaining
Investors
9 · average about $15,831,000
Exemption
Rule 506(b)
Related persons
Mohammad Umar Afridi (executive officer, director); Siddarth Viswanathan (executive officer, director); Garry Tan (director); Ann Lamont (director); Alex Bangash (director); John M. Prince (director)
Filing
SEC EDGAR, CIK 0001796680

Truepill, Inc. · Form D · filed Sep 10, 2020

First sale
Aug 26, 2020
Offered
$76,018,112
Sold
$75,539,719 · $478,393 remaining
Investors
10 · average about $7,554,000
Related persons
Afridi; Viswanathan; Garry Tan; Ann Lamont; Alex Bangash · Rule 506(b)
Filing
SEC EDGAR, CIK 0001796680

Truepill, Inc. · Form D · filed Dec 17, 2019

First sale
Dec 2, 2019
Offered
$25,748,512
Sold
$23,296,309 · $2,452,203 remaining
Investors
6 · average about $3,883,000
Related persons
Afridi (officer, director); Viswanathan (director); Eric Woersching (director) · Rule 506(b)
Filing
SEC EDGAR, CIK 0001796680

Reading the filings

  1. Average check size peaked with the valuation, then collapsed.Per investor, the filings average $3.88M in 2019, $7.55M in 2020, $15.83M in 2021 and $4.73M in 2023. The 2023 round took half again as many participants to raise less than half the money.
  2. The 2023 offering was never completed.$107,000,000 offered, $66,179,603 sold, $40,820,397 unsold, and no amendment since. The security types are equity plus options and securities to be acquired on exercise, which is what converting notes look like. Forbes, citing PitchBook, reported $50 million of convertible debt in November 2022; no Form D covers it.
  3. The founders disappear between filings.Mohammad Umar Afridi and Siddarth Viswanathan are on all three filings from 2019 through 2021. Neither appears in September 2023, which lists Paul Greenall, Daniel Simkin, Annie Lamont and Larry Renfro. Viswanathan left as CEO in early August 2023, about two weeks before that round’s first sale.
  4. Venture seats gave way to the strategic investor.Eric Woersching sits on the 2019 filing alone. Garry Tan of Initialized Capital and Alex Bangash appear in 2020 and 2021, then are gone. Larry Renfro, described by Axios as the former Optum CEO who runs Optum Ventures, appears only in 2023, and Axios reported he recused himself from the sale votes the next year.
  5. The filings account for most, not all, of the reported total.The four Form Ds add to $307,491,954. Forbes and Axios put total venture funding near $370 million. The gap fits the pre 2019 rounds, which have no Form D under this CIK, plus the 2022 convertible debt. A raise under Section 4(a)(2) files no Form D at all.
  6. The exit was mostly paper.Axios reported the $525 million price as $25 million cash, the rest in stock, plus up to $200 million of earnouts tied to revenue milestones. Against the $1.6 billion valuation set in October 2021, the cash is under 2 percent of peak paper value. Axios also reported a $7.25 million forgivable loan to CEO Paul Greenall.

Commercial signals

Signal Detail Source type
Regulatory Order to Show Cause served Dec 15, 2022; settled Nov 6, 2023, responsibility accepted on three counts, four years of compliance, no penalty stated. Public record
Revenue About $200M in 2020 and $300M expected for 2021, founder-stated. Axios cited internal documents showing $64M revenue and a $15M loss in early 2024. Independent
Burn About $12M a month in 2022, per a former executive. Mark Cuban’s November 2022 investment came with a $3M target, per two people. Independent
Customers Hims, Nurx, GoodRx, Cerebral, Sesame, Cost Plus Drugs, UnitedHealth Group. Independent
Capacity Seven pharmacies as of 2021. Three closed and a fourth downsized in 2023. Company and reporting
Litigation $7.5 million breach class settlement, preliminary approval Nov 26, 2024. Public record

What to watch

  • Any amendment to the September 2023 Form D showing the remaining $40.8 million sold.
  • Payment or lapse of the reported $200 million revenue earnout.
  • The DEA compliance term, running into November 2027.
  • Whether the Truepill entity keeps filing separately or folds fully into Fuze Health.

The Truepill story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Glass Health: Shared investor: Initialized. An AI tool that reads a one paragraph patient summary and returns a ranked differential diagnosis, now sold alongside an ambient scribe
  • Stellar Sleep: Shared investor: Initialized. A subscription app delivering the psychology sleep clinicians use, built by two people who could not get an appointment
  • Mable: Shared investor: Initialized. A DNA guided migraine clinic that paired a cheek swab with telehealth prescribing
  • Mindstate Design Labs: Shared investor: Initialized. A company that ran machine learning over 70,000 trip reports, picked a 40 year old Shulgin tryptamine, and took it through Phase 1 in Leiden

Sources

  1. Public recordForm D, Truepill, Inc., CIK 0001796680SEC · Dec 17, 2019
  2. Public recordForm D, Truepill, Inc., CIK 0001796680SEC · Sep 10, 2020
  3. Public recordForm D, Truepill, Inc., CIK 0001796680SEC · Oct 29, 2021
  4. Public recordForm D, Truepill, Inc., CIK 0001796680SEC · Sep 1, 2023
  5. Public recordStatement by the Administrator on the Truepill settlementDEA · Nov 6, 2023
  6. Public recordDEA Order to Show Cause on TruepillDEA · Dec 15, 2022
  7. IndependentTruepill gets swallowed for $525 millionAxios · Aug 21, 2024
  8. IndependentSid Viswanathan out as CEO as troubles mountForbes · Aug 3, 2023
  9. IndependentSid Viswanathan is back with a new startupForbes · Oct 15, 2024
  10. IndependentThe pharmacy that quietly powered top startupsBusiness Insider · May 15, 2023
  11. IndependentMark Cuban invested in the go-to pharmacyBusiness Insider · Jan 25, 2023
  12. Independent$7.5 million PostMeds breach settlementClassAction.org · Dec 4, 2024
  13. CompanyTruepill Raises $142 Million Series DGlobeNewswire · Oct 27, 2021
  14. CompanyLetsGetChecked completes the Truepill acquisitionBusiness Wire · Oct 1, 2024
  15. CompanyFuze Health launchesAlto press release · May 21, 2025

Compiled from SEC, DEA and federal court records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. The December 2022 Order to Show Cause set out allegations, not findings; the matter was resolved by the settlement announced November 6, 2023. Healthcare Venture Capital Fund holds no position in Truepill. This page is not an offer to sell or a recommendation to buy any security.