7GC portfolio company Capsule spoke publicly about the company’s performance and demand in the midst of the COVID-19 outbreak.
CEO Eric Kinariwala announced on Bloomberg and Fox News that the company saw a 5x increase in the past month from new customers coming from other pharmacies. The reason why consumers, doctors, hospitals, and local governments are reaching out to Capsule is that “they are the only pharmacy that serves all of NYC, and spent the last five years building out the technology infrastructure to deliver prescriptions the same day for free 7 days a week.
The company expects that once new customers convert to their platform in the midst of COVID-19, that they will stay with them based on customer experience. This is validated by their strong retention for pre-existing customers on the platform prior to the outbreak.