Cabinet Health Raises $17 Million to Further Its Mission to Build The World’s First Sustainable Healthcare Company and Tackle the Pharmaceutical Plastic Crisis
NEW YORK--(BUSINESS WIRE)--Dec 15, 2022--
Cabinet Health, the Sustainable Healthcare Company, today announced it has raised $17 million in growth funding. The funding is a combination of debt and equity and will be used to fuel the brand’s rapid growth and expansion into new categories including prescriptions and retail channels. Global Impact Fund led the round with participation from other mission-driven investors including Natureza and Unreasonable Group. This fundraise brings the company’s total funding to $23.6 million to date and previous investors include TechStars, SOGAL Ventures, Gaingels and Pixel Perfect Ventures. Founded in 2018 by Achal Patel and Russell Gong, Cabinet Health is the first sustainability-focused healthcare company designed to lead the $1.2 trillion pharmaceutical industry in addressing its plastic crisis, which generates more than 190 billion single-use plastic medicine bottles every year.
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Cabinet Health, the sustainable healthcare company (Photo: Business Wire)
“Our investors and team combine deep expertise in sustainability, retail and digital healthcare,” said Achal Patel, co-founder and CEO of Cabinet Health. “With our world-class group of mission-driven experts and fresh round of funding, we’ll be able to take our vision to the next level to eliminate single-use plastic from the medicine and healthcare industry.”
Cabinet Health has proven its concept with investors and consumers, generating an average of 110 percent growth year-over-year with its over-the-counter offerings, which include cold and flu, allergy, digestion, pain, and sleep. As the inventor of the first refillable and compostable medicine system, Cabinet Health’s mission is to make health care products and packaging more sustainable, from retail and pharmacy aisles to our medicine cabinets and homes.
“We know that 97 percent of single-use plastics end up in our oceans, landfills, and eventually, our bodies as microplastics,” said Russell Gong, co-founder and president of Cabinet Health. “The plastic waste crisis is a public health crisis. Our vision is that one day every medicine cabinet, pharmacy and retail shelf is free of single-use medicine plastic and replaced with sustainable, high quality and affordable Cabinet Health remedies.”
Cabinet Health reimagined traditional pill bottle packaging to offer customers a first-of-its-kind, low-waste solution free of single-use plastics. Cabinet Health’s system features elevated glass bottles that can be infinitely re-used, along with patented compostable pill packages that are made out of 100 percent earth-digestible materials and are city-compost friendly. By switching to the brand’s refillable system, Cabinet Health’s customers eliminate up to one pound of plastic annually and hundreds of pounds of plastic in a lifetime, an important metric as more and more consumers make conscious choices to avoid plastic waste that contributes to microplastics found in our food, water and ultimately, bodies.
In addition to leading the industry in sustainability, Cabinet Health’s medicines use FDA-approved active ingredients sourced from world-class manufacturers, formulated to be equally as effective, batch tested and certified free of toxic metals, known carcinogens, and allergens such as gluten.
“Cabinet Health is leading the industry in accelerating the adoption of high-quality medicines free of single-use medicine packaging,” said Carrie Rich, CEO and co-founder of Global Impact Fund. “We are thrilled to join the team of inventors and innovators who are fundamentally changing how the pharmaceutical market will address climate change and plastic pollution.”
Cabinet Health products are currently found on CabinetHealth.com and online retailers such as Grove Collaborative and Amazon, with more retail partnerships to come in 2023. Cabinet Health is a certified B-Corp that prioritizes minimizing carbon footprint, water waste, and material waste in their offerings and practices.
ABOUT CABINET HEALTH: THE SUSTAINABLE HEALTHCARE COMPANY
Cabinet Health is a sustainable healthcare company that has invented the world’s first refillable and compostable medicine system, offering an impactful solution to the growing plastic waste crisis. Co-founders Russell Gong and Achal Patel launched Cabinet Health in 2018 with a vision to reimagine the way the industry packages and fills every type of medicine. The company is on a mission to eliminate single-use plastic from the pharmaceutical industry altogether, which produces more than 190 billion single-use plastic medicine bottles every year, with an estimated 97% landing in our oceans, landfills, and eventually, our bodies as microplastics. The Cabinet Health system offers high-quality over-the-counter medicines and supplements in elevated glass bottles that can be infinitely re-used, providing customers with a more beautiful, streamlined, and low-waste alternative to the dozens of plastic pill bottles in their medicine cabinets today. All Cabinet Health medicines are third-party batch-tested, use FDA-approved active ingredients, and are free of known carcinogens, toxins, and allergens, including gluten. Cabinet Health is a certified B-Corp with a growing base of customers who have helped divert thousands of pounds of plastic from landfills. To learn more visit cabinethealth.com and follow at @cabinet.health.
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CONTACT: PR Contact
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: MEDICAL SUPPLIES OTHER RETAIL ONLINE RETAIL MANUFACTURING HEALTH GENERAL HEALTH PHARMACEUTICAL RETAIL PACKAGING ENVIRONMENT SUSTAINABILITY
SOURCE: Cabinet Health
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PUB: 12/15/2022 09:00 AM/DISC: 12/15/2022 09:02 AM