Rightway Raised $155 Million in Series E Funding
The pharmacy benefits firm will use the capital to scale its AI-driven clinical workflow and pharmacy management tools.
Updated on Sept. 25, 2026 in Healthcare
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Rightway secured $155 million in Series E financing led by Francisco Partners to expand its pharmacy benefit management and care navigation technology. The company provides services to 45 Fortune 500 clients.
Why it matters
The company seeks to scale its AI capabilities to reduce pharmacist administrative burdens and provide employers with more tools to manage rising pharmacy expenditures. This funding marks a significant expansion of its technology-first approach to pharmacy benefit oversight.
The firm raised $155 million in Series E capital, following a $108.75 million Series D raise in 2024. Rightway currently manages pharmacy benefits for 45 Fortune 500 companies.
The players
Rightway
A pharmacy benefit manager and care navigation provider that services 45 Fortune 500 clients.
Francisco Partners
A private equity firm specializing in technology and healthcare investments that led the Series E round.
Thrive Capital
A venture capital firm focused on internet and software companies that participated in the funding.
Khosla Ventures
A venture capital firm that supports early-stage and growth-stage companies in the healthcare and technology sectors.
The details
Rightway distinguishes itself from traditional pharmacy benefit managers by not owning pharmacies, instead charging a per-member administrative fee and passing 100% of rebates to its clients. The company utilizes a SureSpend pricing model to cap pharmacy spending and embeds clinicians directly into the care navigation workflow. The new capital will specifically fund the development of AI tools designed to automate administrative tasks for pharmacists and improve prescription choice visibility for members.
Timeline
2017: Rightway was founded and secured $2 million in seed funding.
2019: The company raised $20 million in Series B financing.
2021: Rightway raised $100 million in Series C funding at a $1.1 billion valuation.
2024: The firm secured $108.75 million in Series D funding.
September 24, 2026: Rightway announced its $155 million Series E round.
Market Landscape
Rightway's model follows a growing industry-wide push for PBM transparency and fee-based revenue models. The firm's strategy marks a direct departure from traditional spread-pricing, positioning its tech-heavy approach against established legacy pharmacy benefit managers.
Employers should evaluate if their current PBM vendor provides full transparency on rebates versus a pure administrative fee model. Operators looking to control drug spend should monitor if AI-embedded clinical workflows become a market standard for pharmacy benefit navigation.
The takeaway
The move underscores a shift toward transparency and AI-enabled efficiency in the high-cost pharmacy benefits market. Organizations should assess whether their current provider's pricing transparency matches the fee-based approach adopted by emerging competitors.
Further reading
For more on industry shifts in pharmacy services, explore the Healthcare section.
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Do you feel your employer-provided pharmacy benefits are becoming more affordable for your household?
