NEW YORK — Capital Rx, Inc., an enterprise health technology company and benefit administrator, has announced a $400 million investment, including a $252 million Series F funding round along with additional investments into the Company’s securities, scheduled to close in early October, led by Wellington Management and General Catalyst, with participation from Generation Investment Management, Growth Equity at Goldman Sachs Alternatives, 9Yards Capital, B Capital, Edison Partners, Prime Health Investments, and Transformation Capital, among others. With the investment, the Company is rebranding as Judi Health to better reflect its roots and broadened capabilities as a full-service health benefits technology company helping employers design and manage health benefit programs that meet their unique needs.
The transition to Judi Health and supportive funding marks a pivotal moment in addressing the fundamental inefficiencies of health benefits administration and the rising cost of care in the U.S., which is projected to jump almost 9% in 2026, marking the sharpest increase in over a decade. Despite this drastic increase in cost, Americans’ health outcomes are getting worse. Patients struggle to understand the true cost of their healthcare visits, prescriptions, and procedures, and this lack of transparency often results in delayed or deferred care for what could be a life-saving treatment.
“Judi Health is rewriting the playbook for how benefits are delivered,” said Joshua Sommerfeld, Healthcare Sector Lead at Wellington Management. “By combining a transparent PBM model with a scalable, AI-powered platform, they’re building the infrastructure for the next generation of health benefit administration. Employers are demanding better solutions, and Judi Health is uniquely positioned to meet that moment.”
The oversubscribed financing round will help the company expand its PBM operations and fuel the deployment of Judi Health’s Enterprise Health Platform (EHP) to bring a full suite of employer-facing health benefits services that meet evolving customer needs with clarity and flexibility through brands including:
- Capital Rx, which will continue to operate as an industry-leading, transparent PBM, recognized for its flat-fee-based, aligned pricing model, member-centric service approach, and operational efficiency.
- Judi Health, the company’s full-service health benefit management platform that integrates unified care navigation through Judi Care™ for pharmacy, medical, vision, and dental benefits with unified claim administration and related workflows, allowing employers and plan members to easily manage all their health benefits through a single solution.
- Judi, short for adjudication, is the company’s purpose-built EHP. Judi® provides administrative workflows for millions of plan members across Fortune 500 companies, the largest unions in America, leading health systems, Medicare and Medicaid plans, and top academic institutions.
“With Judi, Capital Rx has built a platform that not only meets the needs of today’s employers and health plans, but is engineered to adapt and grow with them,” said Holly Maloney, Managing Director at General Catalyst. “We believe their leadership in transparent PBM and their vision to unify pharmacy and medical benefits represent a transformative shift in healthcare administration, and we look forward to deepening our relationship.”
