PlanetRx.com Gets $50 Million Investment
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With $50 million in equity funding garnered, PlanetRx.com is looking to become a leader in the explosive online drugstore market through a massive marketing campaign and infrastructure expansion.
PlanetRx.com, which bills itself as a healthcare e-commerce and content source, Monday announced a new round of funding from various investors including News Corp., Tenet Healthcare Corp., Bowman Capital, and E*TRADE Group Inc. Benchmark Capital and Sequoia Capital, PlanetRx.com's founding venture capitalists, both made additional investments.
PlanetRx.com provides online purchase of prescription and nonprescription products, vitamins, medical supplies, and all the usual drugstore offerings.
"PlanetRx.com aims to empower consumers by bringing them the products, information, and personalized service they need to make better choices about their family's health," said Bill Razzouk, PlanetRx.com's chief executive officer.
Peter Chernin, President and COO of News Corp., cited PlanetRx.com's strong management team, innovative business model and commitment to the consumer, calling the investment a compliment to News Corp.'s online health strategy. The move also plays into News Corp.'s plans to launch a health information cable channel in mid-July.
Hospital network owner Tenet Healthcare Corp. called online drug stores the next "logical area of growth" for the healthcare business, and expects that future patients will require such online services.