Pharmapacks, an Islandia, NY-based e-commerce enablement platform and retail seller for brands across the major e-commerce marketplaces, received a growth financing of up to $150 million.
WHO: Pharmapacks was founded seven years ago in a Bronx, NY-based mom-and-pop retail pharmacy. After opening its first warehouse in Queens, Managing Members Andrew Vagenas, Adam Berkowitz, Brad Tramunti, James Mastronardi, and Jonathan Webb enhanced the businesses by building e-commerce, logistics, and fulfillment software meant to be easily integrated into partners’ existing sales platforms including Amazon, Walmart.com, and eBay.
The rapid growth and increasing penetration of online retail sales has Pharmapacks’ brand partners deepening their relationships with the Company and extending their e-commerce capabilities. Pharmapacks was founded with the vision of providing brands—in which sometimes it takes ownership stakes—with a platform of best-in-class capabilities around sales management, marketing, fulfillment, and logistics.
WHY: The company intends to use the funds to accelerate its expansion plans.
IN THEIR OWN WORDS: “Since its founding in 2010, Pharmapacks has achieved significant growth and cultivated extensive partnerships with major brands across ecommerce marketplaces in North America, including Amazon, Walmart, eBay, Google and Facebook,” said Andrew Vagenas, Chief Executive Officer of Pharmapacks. “We are thrilled that these new relationships with GPI and JPM will provide us with an opportunity to take significant steps to enter the next phase of our growth strategy. GPI constructed a flexible financing which, in conjunction with JPM’s credit facility, will accelerate our brand and inventory investments, enabling us to expand our warehouse footprint to drive greater cost efficiencies and deepen our offerings across all major ecommerce platforms, while maintaining the best customer experience.”
“Andrew and team have built a premier integrated ecommerce enablement platform with deep brand, merchandising, logistics and marketplace expertise. We are excited to contribute to Pharmapacks’ next phase of growth and its further commitment to partner brands. This investment builds upon GPI’s extensive consumer internet expertise and our ability to create flexible financing solutions. We believe that Pharmapacks is well positioned for success,” commented Khai Ha, Managing Partner at GPI.
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