“Venrock’s deep experience in scaling health tech companies will be invaluable to Smith’s future growth and we are thrilled to partner with their team,” said Jake Frenz, Founder and CEO of SmithRx. “Smith continues to expand its foothold in the PBM sector as we put the power back in the hands of employers – our customers – who are the ones paying the pharmacy bills on behalf of their employees and members.” The PBM industry has suffered from increasing inefficiency over the past decades, as incumbents have taken oversized margins while driving up drug costs for health plans, employers, and patients. “What the team at SmithRx has built over the last six years is delivering on its promise to save customers money, enabled by technology and empowered by transparency. With offices in California and Utah, SmithRx was founded with the mission of offering a simple, completely transparent cloud-based alternative to traditional PBMs. Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock partners with entrepreneurs to build some of the world’s most disruptive, successful companies.