Investors re-up with more funding as Fullscript closes in on US$1B revenue mark

May 5, 2025

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Fullscript has received more funding from its key backers as the health-care technology firm cruises toward the billion-dollar-revenue mark in 2025. The Ottawa-based company said Monday that existing investors HGGC and Snapdragon Capital Partners are pumping more money into Fullscript to fuel its “next phase of growth.” The U.S. private equity firms are being joined by California-based investor Leonard Green & Partners, which is leading the new funding round. Fullscript did not disclose the value of the latest investment but said it represents a vote of “strong investor confidence” as it continues to grow its revenues more than 30 per cent annually. “Usually, what would happen is a group like HGGC or Snapdragon would eventually try to realize returns for their (limited partners),” CEO Kyle Braatz told Techopia on Monday. “That’s just the capitalist side of the business. The reality is, I think Fullscript is such a high-performing asset with so much opportunity in front of us with a management team that they trust implicitly and a pretty clear market position that they said … ‘Let’s keep the train running.’ “They’re putting more equity into the business because they believe in the opportunity and the potential return in the future.” The new investment comes as Fullscript closes in on a historic milestone. Braatz said the firm, whose fiscal year aligns with the calendar year, has generated net revenues of more than US$1 billion for the 12-month period ending April 30, meaning it’s on track to bring in “well over a billion dollars in net revenue” when its current fiscal year ends Dec. 31. “It’s pretty exciting,” he said. When HGGC and Snapdragon finalized their original US$240-million investment in Fullscript in late 2021, it marked one of the biggest fundraising rounds in Ottawa history. The firm has kept rolling since. Just months after landing its historic funding round, Fullscript pulled the trigger on what Braatz called a “transformational deal,” acquiring U.S.-based competitor Emerson Ecologics in a transaction that effectively doubled its revenues overnight. The acquisition re-energized Braatz and his management team. Fullscript began stepping up its efforts to more aggressively court major health-care partners south of the border, hiring veteran U.S. pharmaceutical executive Ashley Koch to lead the charge. The move appears to have paid off handsomely. Braatz said Fullscript, which sees more than 2,000 new doctors join its platform every month, is now adding “multiple” enterprise-level accounts to that monthly total as well. One of Fullscript’s most prominent recent wins is Illinois-based Duly Health and Care, which represents more than 1,000 primary and specialty care providers across 150 locations. The organization announced last month it would start offering patients personalized treatment plans through the Fullscript platform. “Not only are we going after (enterprise-level accounts) and seeing success with them, we’re now being seen as the leaders in whole-person care for these large executive systems,” Braatz said. “It’s really a big shift. Duly Health … is a showcase of the success we’re having with it.” More than 100,000 physicians, nurses and other wellness professionals now use Fullscript’s technology to prescribe supplements and create personalized nutritional regimens and other treatment plans for 10 million patients across Canada and the United States. While the company is a trailblazer in its field, Braatz said he’s constantly driven by “the realization that we just can’t rest on our laurels” as new competitors crop up and disruptive technologies such as AI continue to evolve. Fullscript has fully embraced AI and currently benefits from “extreme tailwinds in the market,” Braatz explained. But the man who co-founded the company in his guest bedroom 14 years ago and has guided it on a path to becoming a billion-dollar enterprise with more than 1,000 employees is not about to sit back and relax. “The constant thing that keeps you up at night is just like, ‘Are we moving fast enough? Are we investing quick enough? Why are we not in (a particular) market yet?’ I think that’s the entrepreneurial DNA, I guess, that I can’t get rid of.”