The pharmacy benefit management (PBM) industry in the US plays a crucial role in managing the pricing and distribution of prescription medications. Companies in this sector negotiate discounts, manage formularies, and handle prescription drug plans for employers and insurance providers. This field is evolving rapidly, with a focus on transparency and cost control. Technological advancements and regulatory changes push PBMs towards more innovative solutions, like digital health tools and personalized medicine. Investors are increasingly eyeing this sector, recognizing its potential for growth and the importance of cost-effective healthcare solutions in an aging population.


The investors shaping the PBM landscape include a mix of corporate giants and small venture firms, spread across strategic locations like New York, California, and Illinois. In 2024, diverse investor types, such as venture capital and private equity, executed numerous deals, signaling notable interest in this sector. Larger firms like Goldman Sachs and HUB International lead the way, while promising startups receive vital funding from smaller players including Gaingels and Liquid 2 Ventures. Founded as early as 1911, these investors display a range of experiences reflective of their continued engagement in the healthcare field.


Top 12 Pharmacy Benefit Management Investors in the US


1. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies, having successfully launched over 4,000 startups. Among its diverse portfolio, Y Combinator has invested in health-tech companies such as Medmonk and Remedial Health. Medmonk, which raised funds in 2012, is focused on improving pharmacy access and management. More recently, Y Combinator participated in multiple funding rounds for Remedial Health, a Nigerian startup that secured $12 million in Series A funding in 2023, aimed at expanding pharmacy access in rural areas. This involvement in health-tech initiatives highlights Y Combinator's potential relevance to the pharmacy benefit management industry.


2. HUB International

  • Website: hubinternational.com
  • Type: Corporate
  • Headquarters: Chicago, Illinois, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 37
  • LinkedIn: hub-international

HUB International Limited is a corporate investor based in Chicago, Illinois, specializing in insurance brokerage and risk management services. Founded in 1998, the firm provides a comprehensive range of products, including business insurance, employee benefits, retirement services, and personal insurance. In recent years, HUB International has made several strategic acquisitions that enhance its capabilities in the healthcare and employee benefits sectors. For instance, the acquisition of EnterMedicare in June 2021 highlights their interest in Medicare-related services, which could intersect with pharmacy benefit management. Additionally, their acquisition of Employee Benefit Associates in April 2025 further strengthens their position in the employee benefits market, an area closely related to pharmacy benefits. These transactions suggest that while HUB International is primarily an insurance brokerage, it is actively expanding its footprint in sectors that may involve pharmacy benefit management services.


3. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They connect startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. In 2024, they have made 253 investments, showcasing their active role in the venture capital landscape. Notably, they have invested in healthcare-related companies such as Ansel Health, which raised $20 million to expand its supplemental insurance solutions, and Lamar Health, which is involved in health services. Their investments in Aumet also highlight their engagement in healthcare technology, indicating a commitment to supporting innovations that could impact pharmacy benefit management.


4. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has made significant investments in the healthcare sector, including notable transactions such as Remedial Health, which raised $4.4 million in a seed round aimed at improving healthcare access and affordability. Additionally, their investment in Kalderos, which raised approximately $14.9 million, indicates a focus on technology solutions that could enhance pharmacy benefit management processes. Other relevant investments include DocStation and Ansel Health, both of which aim to innovate in healthcare delivery and insurance, further aligning with the interests of pharmacy benefit management.


5. New Enterprise Associates (NEA)

  • Website: nea.com
  • Type: Venture Capital
  • Headquarters: Menlo Park, California, United States (USA)
  • Founded year: 1977
  • Headcount: 51-200
  • Number of deals in 2024: 57
  • LinkedIn: new-enterprise-associates

New Enterprise Associates (NEA) is a prominent venture capital firm based in Menlo Park, California, founded in 1977. NEA specializes in investment management and advisory services for startups, particularly in the technology and healthcare sectors. The firm partners with entrepreneurs to provide funding and strategic guidance, helping them navigate the challenges of building successful businesses. NEA operates through a collaborative approach, emphasizing long-term relationships with founders. Notably, NEA has been involved in significant transactions within the pharmacy benefit management context, such as leading a $50 million Series D funding round for CareZone, a service aimed at managing chronic health conditions and expanding its pharmacy and health partner network. Additionally, NEA has invested in Collective Health, which raised substantial funding to enhance its health benefits management services across the United States. These investments highlight NEA's active role in the healthcare landscape, particularly in areas that intersect with pharmacy benefit management.


6. Liquid 2 Ventures

  • Website: liquid2.vc
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 91
  • LinkedIn: liquid-2-ventures

Liquid 2 Ventures is a venture capital firm based in San Francisco, California, founded in 2015. The firm specializes in investing in technology startups at the pre-seed and seed stages, as well as growth-stage companies. They provide capital, mentorship, and access to a vast network of industry insiders to help founders navigate their entrepreneurial journeys. Notably, Liquid 2 Ventures has invested in companies such as Lively, which raised $27 million in Series B funding and focuses on health savings accounts, and Benefitbay, which raised $3 million in a seed round and is involved in health benefits management. These transactions highlight their engagement in the healthcare sector, particularly in areas that intersect with pharmacy benefit management.


7. General Catalyst


General Catalyst is a venture capital firm founded in 2000, based in San Francisco, California. The firm specializes in early-stage and growth investments across various industries, including technology and healthcare. They provide capital and strategic guidance to help startups and growth-stage companies scale their operations effectively. Notably, General Catalyst has participated in significant funding rounds for companies like Devoted Health, a tech-enabled Medicare Advantage company, where they were involved in both Series D and Series E funding rounds, contributing to a total of nearly $1.99 billion in funding for the company. This involvement highlights their focus on healthcare innovation and their potential interest in pharmacy benefit management. Additionally, their investment in Soda Health, which raised over $54 million in Series B funding, indicates their commitment to improving healthcare access and equity, further aligning with the objectives of pharmacy benefit management.


8. Silicon Valley Bank

  • Website: svb.com
  • Type: Venture Capital
  • Headquarters: Santa Clara, California, United States (USA)
  • Founded year: 1983
  • Headcount: 5001-10000
  • Number of deals in 2024: 31
  • LinkedIn: silicon-valley-bank

Silicon Valley Bank is a commercial bank founded in 1983, located in Santa Clara, California, that specializes in providing financial services to the innovation economy, particularly tech startups and venture capital firms. With a focus on business banking, global payments, and asset management, SVB helps clients navigate financial challenges and support their growth. In recent years, SVB has been active in the healthcare sector, making significant investments in companies such as Troy Medicare, which raised $10 million in debt financing, and Paytient, which secured $7.5 million in debt financing. Additionally, SVB participated in the Series B funding of Soda Health, which raised over $54 million. These transactions highlight SVB's commitment to supporting innovative healthcare solutions, including those related to pharmacy benefit management.


9. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, New York, founded in 1998. It provides a comprehensive range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In recent years, Goldman Sachs has engaged in several significant transactions within the healthcare sector, which is closely related to pharmacy benefit management. For instance, they facilitated a $1.25 billion debt raise for Humana, a major player in the healthcare insurance market, and participated in funding rounds for companies like Medi Assist and TrialCard, which are involved in healthcare services and pharmacy management solutions. These transactions highlight Goldman Sachs' active role in the healthcare industry, making it a relevant investor in the pharmacy benefit management space.


10. BoxGroup

  • Website: boxgroup.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2009
  • Headcount: 1-10
  • Number of deals in 2024: 51
  • LinkedIn: boxgroup

BoxGroup is a venture capital firm based in New York, founded in 2009, that specializes in early-stage investments across a variety of sectors, including fintech, climate, and software. They are known for providing capital and support to founders, helping them scale their businesses and foster innovation. Notably, BoxGroup has participated in funding rounds for SmithRx, a San Francisco-based technology company that serves as a Pharmacy Benefit Manager (PBM). They were involved in SmithRx's Seed Round in March 2017, a Series A round in January 2018, and another Series A round in July 2018, contributing to a total of $17 million raised by the company. This engagement highlights BoxGroup's interest in the pharmacy benefit management industry and their support for innovative solutions in this space.


11. Gaingels

  • Website: gaingels.com
  • Type: Venture Capital
  • Headquarters: Burlington, Vermont, United States (USA)
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 60
  • LinkedIn: gaingels

Gaingels is a venture capital firm founded in 2015, based in Burlington, Vermont, dedicated to investing in companies with diverse leadership. The firm provides capital and support to startups, particularly those led by underrepresented groups, to foster diversity and inclusion in the innovation economy. Gaingels has participated in various transactions, including notable investments in health-tech companies such as Remedial Health, which raised $12 million to expand pharmacy access in Nigeria, and Collective Health, which focuses on improving health benefits management. These investments highlight Gaingels' engagement in the healthcare sector, particularly in areas that can influence pharmacy benefit management practices. Additionally, Gaingels offers scholarship programs and advisory services to enhance board diversity, further supporting their mission of inclusion while also contributing to the healthcare landscape.


12. Bessemer Venture Partners

  • Website: bvp.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 1911
  • Headcount: 11-50
  • Number of deals in 2024: 78
  • LinkedIn: bessemer-venture-partners

Bessemer Venture Partners is a venture capital firm founded in 1911, based in San Francisco, California. The firm specializes in providing funding and investment management services to startups and growth-stage companies across various sectors, including technology and healthcare. In recent years, Bessemer has made significant investments in the pharmacy sector, including leading a $25 million Series A financing round for House Rx, which focuses on enhancing pharmacy operations through technology. They also led a $23 million Series B funding round for Aspen RxHealth, a company dedicated to transforming the pharmacy industry with its innovative clinical pharmacy model. These investments highlight Bessemer's strategic interest in the pharmacy benefit management space, as they support companies that are poised to impact the industry positively.



Pharmacy Benefit Management Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
HUB InternationalChicago, Illinois, United States (USA)10001+199837
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
New Enterprise Associates (NEA)Menlo Park, California, United States (USA)51-200197757
Liquid 2 VenturesSan Francisco, California, United States (USA)1-10201591
General CatalystSan Francisco, California, United States (USA)51-2002000144
Silicon Valley BankSanta Clara, California, United States (USA)5001-10000198331
Goldman SachsNew York, New York, United States (USA)10001+199859
BoxGroupNew York, New York, United States (USA)1-10200951
GaingelsBurlington, Vermont, United States (USA)11-50201560
Bessemer Venture PartnersSan Francisco, California, United States (USA)11-50191178


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