Live Oak Ventures Participates in Series Seed Financing of Pharmacy Marketplace
Live Oak Ventures, the investment arm of Live Oak Bancshares (NYSE: LOB), announced an investment in Pharmacy Marketplace, a software platform designed by independent pharmacy owners for their peers.
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Rhea-AI Summary
Live Oak Ventures, the investment arm of Live Oak Bancshares (NYSE: LOB), announced an investment in Pharmacy Marketplace, a software platform designed by independent pharmacy owners for their peers. This investment aims to enhance the platform's growth and provide resources for better purchasing decisions. Stephanie Mann, Chief Strategy Officer, emphasized the value of this partnership to maximize wholesalers' rebates and minimize inventory costs. The software aims to address challenges in the pharmaceutical industry, including transparency and inventory management, presenting a significant growth opportunity for independent pharmacies.
Positive
- Investment supports growth of Pharmacy Marketplace, enhancing its ability to assist independent pharmacies.
- Partnership aims to improve profitability and inventory management for independent pharmacists.
Negative
- None.
Details
News Market Reaction – LOB
The recorded move for LOB in the trading session of this news was +0.91%.
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WILMINGTON, N.C., March 08, 2023 (GLOBE NEWSWIRE) -- Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has announced an investment in Pharmacy Marketplace, a software platform created by independent pharmacy owners for independent pharmacy owners to support real-time purchasing decisions.
Live Oak participated in the financing to support the software company’s growth and add resources to ensure pharmacy owners can assess data to remain nimble and profitable.
“Live Oak is excited to invest in companies such as Pharmacy Marketplace that leverage next-generation technology to support business growth. As a bank that lends to independent pharmacies across the country, we see the extraordinary value Pharmacy Marketplace is providing independent pharmacists to help them maximize their wholesaler rebate while minimizing their cost of goods with strategic purchasing on the secondary market,” said Stephanie Mann, Live Oak Bank Chief Strategy Officer.
The pharmaceutical industry faces fragmentation and transparency challenges largely due to the uncertainty and complexity of managing their biggest cost – inventory. Pharmacy Marketplace intends to address this with a software solution that aims to improve purchasing and total business performance for independent pharmacies.
“The Pharmacy Marketplace platform is at a critical inflection point with massive growth potential and high user demand. Live Oak Bank is as good as it gets in the pharmaceutical industry. This partnership bolsters our core offering by providing the liquidity and scalability needed to drastically improve profitability for all independent pharmacies nationwide,” said Pharmacy Marketplace Founder and CEO Wade Hinkle.
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE: LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.
About Pharmacy Marketplace
Pharmacy Marketplace is a powerful software platform that was created by pharmacy owners for pharmacy owners to support real-time purchasing decisions to reduce cost of inventory and maximize the sustainability of independent pharmacies. For more information, visit https://pharmacymarketplace.com.
Contact:
Claire Parker
Live Oak Bank, SVP Corporate Communications
910.597.1592
claire.parker@liveoak.bank
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