Rightway raises $155M Series E to scale AI-backed pharmacy benefits

Rightway, a pharmacy benefit manager and care navigation company, announced a $155 million Series E led by Francisco Partners, with Thrive Capital and Khosla Ventures joining again. The company says nearly 10% of the Fortune 500 have moved pharmacy benefits onto its aligned model, and the money will expand the AI and the technology behind that stack.

HEALTH desk — large employers watched prescription spending rise 9.4% in 2025, faster than the 6% rise in the rest of the health benefit, while a traditional pharmacy middleman can still earn more when drug prices go up. Rightway’s round backs a spend cap, a full rebate pass-through that includes GLP-1s and rare high-cost drugs, and pharmacists with AI behind them on the member path.

What the line under the headline says, and what the lede says the money is. The subhead says Francisco Partners leads the investment as nearly 10% of the Fortune 500 have moved pharmacy benefits to Rightway’s aligned model. The lede says Rightway, a pharmacy benefit management and care navigation company, today announced that it has raised $155 million in Series E financing led by Francisco Partners, a leading global investment firm that specializes in partnering with technology companies, with participation from existing investors Thrive Capital and Khosla Ventures. The investment will support Rightway’s next phase of growth as employers seek greater accountability for pharmacy spending and better support for their members. A pharmacy benefit manager, or PBM, is the company an employer hires to run the drug benefit: which drugs are covered, what a member pays, and which pharmacies they can use. Care navigation, here, is help finding care and using the benefits a person already has. A Series E is a later funding round, after a company has a product in the market. Those glosses are this desk’s. Leading is the release’s word for Francisco Partners. Existing investors means Thrive and Khosla were already in. $155 million is the new money. The release does not print a valuation or a total raised before this round. This desk did not see a term sheet.

Why the release says the drug bill is the problem, and whose rates those are. Healthcare costs continue to rise faster than inflation, the release says, and prescription drugs are projected to be the fastest-growing major category of healthcare spending over the next decade. In 2025, prescription drug spending increased 9.4% among large U.S. employers, outpacing the 6% increase in overall health benefit costs. 9.4% is about $9.40 more on every $100 of that drug spend, if the rate holds. 6% is about $6 more on every $100 of the broader health benefit cost. The drug line rose faster than the rest of the benefit. Those translations are this desk’s. The two rates, and the decade projection, are the release’s. The release does not name the survey behind them. Do not invent one. The next sentences say employers are paying for bloated administrative overhead and a set of incentives that reward the middle of the supply chain when drug prices go up rather than down. Rightway’s model, the release says, offers one of the clearest opportunities to change that trajectory by managing costs more effectively while improving the care people receive. One of the clearest is the release’s ranking. This desk did not rank pharmacy benefit managers, and it did not audit an employer’s drug spend.

Who the release says is already on the model. Rightway now counts 45 Fortune 500 companies among its clients. Forty-five divided by 500 is 9 percent, which is the arithmetic behind the release’s nearly 10%. That check is this desk’s. Nearly 10% is the subhead’s phrase for employers that have moved pharmacy benefits to Rightway’s aligned model. The 45 is a client count. The approach, the release says, combines an aligned financial model that removes all incentives to profit from higher drug spend with a clinical model that puts pharmacists to work guiding members to the most appropriate medications at the lowest cost. The care navigation offering extends that model across healthcare, helping members find high-quality care and get more from their benefits. Plan sponsors partner with Rightway to deliver more value from every healthcare dollar for their organizations and their members. A plan sponsor, here, is the employer that buys the benefit. Aligned, here, means the company’s pay does not rise when the drug bill rises. Those glosses are this desk’s. All incentives, and most appropriate, are the release’s words. This desk did not read a contract.

What SureSpend is, on the release. Rightway backs that financial alignment with its SureSpend model. The page prints a trademark mark on SureSpend. The Precision Pricing Guarantee sets a maximum on total pharmacy spend. A maximum, here, is a cap: the employer’s total drug spend is not supposed to go past the number in the guarantee. That gloss is this desk’s. The release does not print the dollar cap, the formula, or a sample contract. The Zero-Markup Wrap covers categories commonly excluded from pharmacy spending guarantees, including GLP-1s and rare high-cost medications, at true net cost with 100% rebate pass-through. GLP-1s are a class of drugs, including medicines used for diabetes and weight loss, that often sit among the most expensive prescriptions. A rebate is money a drug maker pays back after a prescription is filled. Pass-through means that money goes to the plan sponsor, rather than staying with the pharmacy benefit manager. True net cost means the price after those rebates, with no extra markup layered on. Those glosses are this desk’s. The release names GLP-1s and does not expand the letters. Commonly excluded, true net cost, and 100% are the release’s. This desk did not price a GLP-1.

Jordan Feldman, as a quote, not as a measured saving. Jordan Feldman, Rightway’s Co-Founder and CEO, said no one is better positioned to manage the pharmacy benefit than Rightway. He said they built the financial model to reward getting members onto high-value drugs, and they embedded clinicians in the workflow and AI on the backend to do it. He said if they can help employers get more from one of their largest and fastest-growing healthcare expenses, they make healthcare more affordable for companies and the people who work for them. No one is better positioned is his sentence. It is not a ranking this desk made. High-value is his word. AI on the backend means the software sits behind the pharmacist, not in place of the person the member talks to. That gloss is this desk’s. Those are his sentences on the release. This desk did not interview him.

What the money is for, and the second Feldman quote. Rightway will use the Series E financing to expand its AI capabilities and the technology that powers its pharmacy benefits model. Feldman said the pharmacy supply chain carries a lot of cost that has nothing to do with the medication itself. He said their technology and AI pull costs out of a bloated ecosystem that has failed to be efficient and transparent. He said that combination of better economics, better technology, and human clinical expertise means better care for members and lower costs for employers. Pull costs out, and failed, are his sentences. They are not a before-and-after this desk measured. Will use is the release’s tense for the round. This desk did not see a budget.

Kristin Devlin, as a quote. Kristin Devlin, PharmD, Rightway’s Chief Pharmacy Officer, said pharmacists go into healthcare to help people, but the realities of retail pharmacy have made it harder for them to spend time doing that. She said at Rightway they are creating a space for pharmacists to return to what they do best: making sure people are getting the treatment that is right for them and helping them navigate questions and concerns along the way. PharmD means she is a doctor of pharmacy. Retail pharmacy, here, is the drugstore counter. Those glosses are this desk’s. Return to what they do best is her sentence. It is not a time study this desk ran. This desk did not interview her.

Ezra Perlman, as a quote. Ezra Perlman, Co-President at Francisco Partners, said that as healthcare becomes increasingly complex, employers are demanding greater accountability, transparency, and value from their healthcare partners. He said they believe Rightway is well positioned to meet that demand with a differentiated model that combines aligned incentives, technology, and clinical expertise to help employers better manage pharmacy costs while improving the member experience. He said they look forward to leveraging their deep expertise in healthcare technology to support Jordan and the Rightway team as they continue to grow and scale the business. Leveraging, here, means putting that experience to work. That gloss is this desk’s. Well positioned, and differentiated, are his sentences. They are not a customer audit this desk ran. This desk did not interview him.

Who the about box says the company is. Rightway is transforming pharmacy benefits and care navigation with a member-first approach that blends expert clinical guidance, high-touch service, and intuitive technology. The about box says Rightway was the first PBM to integrate pharmacy navigation from clinical experts, guiding members to high-value medications while delivering fully aligned pricing, 100% transparency, and a total spend guarantee. First is the about box’s word. It is not a history this desk wrote. The care navigation line says the solution simplifies healthcare with proactive, clinician-led support. The closer says that with Rightway as their healthcare benefits partner, employers don’t have to compromise on employee health, happiness, or their company’s results. Don’t have to compromise is the about box’s sentence. It is not a result this desk measured. The learn-more line is www.rightwayhealthcare.com. Francisco Partners, in the about box: since its launch over 25 years ago, it has invested in over 500 technology companies, and it has raised over $75 billion in capital. Those about-box figures are the release’s. This desk did not audit them. The media contact for Rightway is Rita Lebedeva at Press@rightwayhealthcare.com. The Francisco Partners contact is Prosek Partners at pro-FP@prosek.com. This desk did not email those addresses.

What the card shows, and what the 07:05 ET release does not print. The card is the Rightway member app home, a phone screen with navy and blue brand rails. The top reads Rightway. A line says our Health Guides are humans, here to help, with Chat, Call, and Inbox, and with Medications and Requests. A block says find the lowest drug prices, over a field that says enter drug name. A line asks how we can help you today, over actions this desk reads as Pharmacy, Switch to Mail, Transfer a Prescription, Coverage, and Order. Your medications, with See All, includes a card marked READY TO REFILL. The drug line, as this desk reads the pixels, is Lantus, 15 ml of 100 units. Under it, a refills-left count this desk reads as 3, a prescriber name this desk reads as Dr. Lubin, and CVS Pharmacy with the phone number 971-752-9054 on the screen. The bottom tabs read Home, Medications, Get Care, Benefits, and Bill Support. Those words are the product screen’s. The 24 Sep release does not print Lantus, Dr. Lubin, CVS, or that phone number. Do not treat the prescriber or the pharmacy number as people this desk verified. Do not treat 15 ml or three refills as figures from the wire. The card has no desk date on it. The schema image on the wire is the Rightway logo at mmx.prnewswire.com, media MS1261364. This filing does not use the logo as the card.

What the company homepage adds, and what it does not let you file as the wire. The homepage at rightwayhealthcare.com, read 25 Sep 2026, does not print the $155 million, Francisco Partners, Thrive, Khosla, SureSpend, Zero-Markup Wrap, the 9.4% line, the 45 Fortune 500 clients, or 07:05 ET. A line calls Rightway the industry’s only neutral PBM. Only, and neutral, are the page’s words. The page says revenue comes from a single transparent fee, and it prints a 100% pass-through model. A stat prints 70 beside a plus-shaped icon, labeled Member Net Promoter Score, with a subline that says 8.5x the industry average. A net promoter score is a measure of how likely a member is to recommend the service. 8.5x means the page says its score is eight and a half times a typical industry score. Those glosses are this desk’s. The page does not print the industry number it multiplied. A stat prints 15 beside a percent-shaped icon, labeled Healthcare savings. Lower on the page the same pattern prints 15 for healthcare and pharmacy savings, 70 for the member score, and 40 beside a percent-shaped icon for average member engagement. A quote from Renu Chhabra, Vice President, Benefits and Global Total Rewards, says Rightway saved them 13%. A quote from Margaret Fairbairn, Director of Global Benefits, is on the page. A card says Albuterol, $324 a year, save by transferring to a mail-order pharmacy. Those figures and quotes are the homepage’s. The 24 Sep release does not print them. The Albuterol card is not the Lantus refill on this filing’s hero. This desk did not audit the 13% or the $324.

Plain English for the rest of the card. A pharmacy benefit manager runs an employer’s drug benefit. Rightway’s announcement is $155 million in new money, a Series E led by Francisco Partners, with Thrive Capital and Khosla Ventures already in. Forty-five Fortune 500 companies are clients. Forty-five out of 500 is 9 percent, which is what the release calls nearly 10 percent moved onto its model. The model says the company does not make more money when drug spending goes up. SureSpend’s Precision Pricing Guarantee is a cap on total pharmacy spend. The release does not print the dollar amount of that cap. The Zero-Markup Wrap says categories that guarantees often leave out, including GLP-1 drugs and rare high-cost medicines, are covered at the price after rebates, and 100% of those rebates pass through. In 2025, the release says, drug spending at large U.S. employers rose 9.4%, faster than the 6% rise in overall health benefit costs. The money goes to more AI and to the technology behind the pharmacy model. Pharmacists stay in the member path. AI is described as on the backend. 7:05 a.m. Eastern is 11:05 a.m. UTC. Jordan Feldman is co-founder and chief executive. Kristin Devlin is chief pharmacy officer. Ezra Perlman is co-president at Francisco Partners. Rita Lebedeva is the Rightway press contact. The screen’s Lantus refill is the product image. This filing is the 24 Sep announcement.

PRIMARY here: Rightway’s 24 Sep 2026 PR Newswire, release 302888382, stamped Sep 24, 2026, 07:05 ET, datelined New York — Tier A PRIMARY, the company’s own announcement. STATUS PRIMARY. The $155 million, Francisco Partners, Thrive Capital, Khosla Ventures, nearly 10% of the Fortune 500, 45 Fortune 500 clients, the aligned model, SureSpend, the Precision Pricing Guarantee, the Zero-Markup Wrap, GLP-1s, 100% rebate pass-through, the 9.4% and 6% rates, both Feldman quotes, the Devlin quote, the Perlman quote, the about box including first PBM, the over-500 companies and over-$75 billion lines, Press@rightwayhealthcare.com, and pro-FP@prosek.com are that release’s. The Health Guides line, the drug-price search, Lantus, 15 ml of 100 units, three refills, Dr. Lubin, CVS Pharmacy, and 971-752-9054 are the product screen’s. The 70 score, the 8.5x line, the 15 and 40 stats, the 13% quote, the Fairbairn quote, the neutral-PBM line, the single transparent fee, and the Albuterol $324 card are the homepage’s. NOT claimed: a term sheet this desk saw, a valuation, a named survey behind the 9.4%, that 45 and nearly 10% were counted here, that the spend cap’s dollar amount was printed, that 15 ml or three refills are the wire’s figures, that Dr. Lubin or the CVS number was verified, that the homepage’s 13% or $324 is in the release, a login, a stock tip, or investment advice. The card is the member medications home. Distinct from the already-filed basalt-health-series-a, workday-total-benefits, and hims-ai-weight-loss.