Capsule

Healthtech / digital pharmacyUSA

New to Unitard

✂️ Markdown

Peak $1.15 BillionToday

~-50%

from peak

🦄
Became a unicorn
Apr 2021
📈
Peak valuation
$1.15 Billion ’21
💔
Became a Unitard
Feb 2023
💸
Last valuation
~$575M

Current status

Down round to roughly half its $1.2B peak (early 2023); still private

The rise & fall

5 moments · 2015–2023

The key moments, with employee sentiment along the way.

2015

Founded in New York

Eric Kinariwala's fix for the drugstore line: a digital pharmacy that delivers prescriptions to your door.

TechCrunch

Apr 2021

The peak: the pandemic Series D$1.15B

A $300M round from Durable Capital, T. Rowe Price, Whale Rock and Baillie Gifford values the delivery pharmacy above $1B as prescriptions go doorstep.

TechCrunch

2022

Growth stalls; ~13% of staff cut

The 2022-23 downturn ends blitz-expansion; profitability becomes the pitch.

The Information

2022–23

From the inside · Glassdoor reviews, 2022–23

Glassdoor reviews from the period tracked the shift from blitz-expansion to belt-tightening: employees described repeated layoff rounds that left remaining staff covering extra workloads, and couriers reported successive cuts to pay and mileage incentives as the company chased profitability.

Feb 2023

The down round: half the peak

A Series E reportedly prices Capsule at roughly half its $1.2B peak — a steep down round that takes the horn with it.

The Information

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Capsule is a New York-based digital pharmacy that delivers prescriptions to customers' doors. Pandemic-era demand propelled it past a $1B valuation in April 2021 with a $300M Series D from Durable Capital, T. Rowe Price, Whale Rock and Baillie Gifford.

As growth stalled in the 2022-23 downturn, it cut about 13% of staff and raised a Series E in early 2023 at roughly half its $1.2B peak — a steep down round.

Source: The Information (Feb 2023): raising ~$500M, ~half its $1.2B peak