Alchemy Raises $31M Seed Round Led by a16z, Magic Johnson, and Sheryl Sandberg to Improve Access to $700B Medications

Oct 15, 2024, 02:35 PM

Alchemy has successfully raised $31 million in a Seed funding round, led by Andreessen Horowitz (a16z). The round also saw participation from notable investors including Magic Johnson, Sheryl Sandberg, and existing backers Twine Ventures, Springbank, and AlleyCorp. This funding will enable Alchemy to enhance its efforts in building modern pharmacy infrastructure aimed at improving access to affordable medications for underserved populations. The company's mission includes empowering small healthcare clinics to manage their own in-house pharmacies, addressing significant disparities in access to life-saving medications across the United States, despite the country spending over $700 billion annually on pharmaceuticals.