Oct 29, 2024

Alchemy announced the closing of $31 million in seed funding. This funding round was led by Andreessen Horowitz (a16z) Bio + Health with participation from Earvin “Magic” Johnson, Sandberg Bernthal Venture Partners, Banc of California, and existing investors Twine Ventures, Springbank, and AlleyCorp. Alchemy offers the entire physical, clinical, and digital infrastructure needed to build, operate, and grow in-house pharmacy programs, focusing on serving clinics with large HIV and Hepatitis C (HCV) patient populations. HIV communities nationwide have long been underserved and have significant unmet needs. Alchemy is first partnering with Federally Qualified Health Centers (FQHCs), STD and Ryan White clinics to implement its platform that designs clinical pharmacy programs and deploys technology products that leverage the pharmacy to expand patient reach, improve health outcomes, and optimize the financial impact of a clinic’s pharmacy program. Alchemy’s founding team has extensive clinical, pharmacy, technology, and operations experience. They have spent 18 years in Africa building the largest HIV access program in the world and have set up, operated, and scaled pharmacies that have dispensed over 25 million prescriptions to patients across all 50 states in the US. Launched in 2023, Alchemy has seen exceptional demand and impact of its in-house pharmacy platform, including tripling the number of patients served at the first pharmacy launched in Oklahoma City for Equality Health. This funding will enable the company to accelerate growth and launch in-house pharmacy programs across 20 states over the next year. Alchemy will also expand its offerings to include a mobile clinic program and a digital platform to streamline pharmacy operations and patient communication. KEY QUOTES: “Investing in Alchemy is deeply personal, not only as a person living with HIV, but because I’ve witnessed firsthand the devastating impacts of HIV in our communities. Alchemy’s commitment to eliminating barriers to care and serving the underserved is a mission I’m proud to support.” -Earvin “Magic” Johnson, Chairman and CEO at Magic Johnson Enterprises “Having spent over a decade in Africa building the largest HIV access program in the world, I was shocked to learn that HIV medication adherence rates in Africa are better than they are here in the United States. I’m convinced that the number one barrier to medication access for HIV patients is the friction that exists in navigating the US pharmacy system. By bringing the clinic and the pharmacy into one location, we are providing unique solutions that meet the needs for HIV and HCV populations across the country.” -Peter Park, founder and Co-CEO of Alchemy “At a time when safety net clinics for patients are threatened, the industry needs solutions that provide technology-enabled, end-to-end support for these clinics to transform pharmacy access nationwide. The Alchemy team has a proven track record building for challenging and underserved communities, and we’re looking forward to supporting them as they partner with clinics to ensure vulnerable communities continue to have access to essential medications and services.” -Julie Yoo, General Partner at a16z Bio + Health Pulse 2.0 focuses on business news, profiles, and deal flow coverage.