Rightway has raised $155 million in a Series E round led by Francisco Partners, with existing investors Thrive Capital and Khosla Ventures taking part, the company announced on September 24, 2026. Rightway sells pharmacy benefit management and care navigation to employers. It says the money will go toward expanding its AI capabilities and the technology behind its pharmacy benefits business.
The round arrives in the same year as federal pharmacy benefit manager (PBM) reform. Congress passed rebate and disclosure requirements in February, and the Department of Labor proposed a compensation disclosure rule in January. Both shape how employers will judge the company's pitch.
What was announced
The company's release says nearly 10% of the Fortune 500 have moved their pharmacy benefits to Rightway. MobiHealthNews reports that the client list now includes 45 Fortune 500 companies, which is consistent with that figure.
The release does not state a valuation. MobiHealthNews reports that Rightway's SureSpend pricing model includes a cap on pharmacy spending, plus a separate arrangement that covers GLP-1 medications and rare high-cost drugs at net cost with all rebates passed through. According to the company, its PBM charges an administrative fee per member, passes all rebates to clients, does not keep dispensing revenue or the spread between what a plan pays and what a pharmacy receives, and does not own pharmacies.
Rightway was founded in 2017. In March 2021 it announced a $100 million Series C at a $1.1 billion valuation, led by Khosla Ventures. At that time the company said it served more than 500,000 members across 850 clients.
How Rightway describes its model
Rightway's pitch has two parts, as the company states them. The first is a financial model that it says removes any incentive to profit from higher drug spend. The second is a clinical model in which pharmacists guide members toward what the company calls the most appropriate medications at the lowest cost. Alongside the PBM, its care navigation service helps employees find care and understand their health benefits, according to MobiHealthNews.
In the release, co-founder and CEO Jordan Feldman said: "We built our financial model to reward getting members onto high-value drugs, and we embedded clinicians in the workflow and AI on the backend to do it." He also argued that the pharmacy supply chain "carries a lot of cost that has nothing to do with the medication itself." He added: "Our technology and AI pull costs out of a bloated ecosystem that has failed to be efficient and transparent."
These are the company's own descriptions. The announcement is a funding release, not a published outcomes study, and should be read that way. Employers assessing a PBM on these claims would normally test them against contract terms and claims-level reporting rather than marketing language.
The market it is competing in
Rightway competes in a concentrated field. In its July 2024 interim staff report, the Federal Trade Commission found that the top three PBMs processed nearly 80% of the approximately 6.6 billion prescriptions dispensed by US pharmacies in 2023. The top six processed more than 90%. The six companies the FTC studied were Caremark Rx, Express Scripts, OptumRx, Humana Pharmacy Solutions, Prime Therapeutics and MedImpact.
That concentration is the gap Rightway and a set of smaller, transparency-focused PBMs are selling into.
The federal rules employers now face
Two US federal actions this year change what employers can expect from any PBM, including Rightway. What follows is a summary of public material, not legal guidance.
The first is legislation. The Consolidated Appropriations Act, 2026, signed on February 3, 2026, includes a package of PBM reforms. According to a summary by law firm Mintz, it requires PBMs serving group health plans to pass through 100% of rebates and adds transparency and standardized reporting requirements. Mintz notes that the commercial-market requirements take effect in 2028 to 2029, and Medicare Part D sponsors must comply beginning with the 2028 plan year.
The second is regulation. On January 29, 2026, the Department of Labor proposed a rule that would require PBMs to disclose their compensation to the fiduciaries of self-insured group health plans covered by ERISA. The disclosures would cover manufacturer rebates, spread compensation when the plan pays more than the pharmacy is reimbursed, and payments recouped from pharmacies. The proposal would also let fiduciaries audit the accuracy of those disclosures.
For a company like Rightway, this cuts both ways. The rules push the whole market toward the rebate pass-through and disclosure that smaller PBMs have used to set themselves apart. Once every PBM must pass through rebates, that particular difference narrows, and competition shifts to other terms: pharmacy network pricing, clinical programs and service.
What to watch
Rightway has not said what share of the new capital goes to AI versus pharmacy technology, or published outcome data alongside the round. Either would make its claims easier to test.
The Department of Labor's disclosure rule was a proposal when issued in January. Whether and when it is finalized will determine how soon self-insured employers get standardized compensation data from their PBMs, ahead of the 2028 to 2029 statutory dates.
Under the 2026 law, HHS, Labor and Treasury still have to set a standard format for PBM reporting to plans, per Mintz. That format will decide how directly employers can compare Rightway's reporting with a larger PBM's.
Sources
- Rightway (PR Newswire). "Rightway Raises $155 Million as it Leads the Next Generation of Pharmacy Benefits." September 24, 2026. http://www.prnewswire.com/news-releases/rightway-raises-155-million-as-it-leads-the-next-generation-of-pharmacy-benefits-302888382.html
- MobiHealthNews. "Rightway raises $155M to expand pharmacy benefits technology." September 2026. https://www.mobihealthnews.com/news/rightway-raises-155m-expand-pharmacy-benefits-technology
- Rightway (PR Newswire). "Rightway Raises $100M at $1.1B Valuation to Continue Redefining the Member Experience through Better Care Navigation and a New-To-The-World PBM." March 30, 2021. https://www.prnewswire.com/news-releases/rightway-raises-100m-at-1-1b-valuation-to-continue-redefining-the-member-experience-through-better-care-navigation-and-a-new-to-the-world-pbm-301257115.html
- Federal Trade Commission. "FTC Releases Interim Staff Report on Prescription Drug Middlemen." July 2024. https://www.ftc.gov/news-events/news/press-releases/2024/07/ftc-releases-interim-staff-report-prescription-drug-middlemen
- Mintz. "Congress Passes Landmark PBM Reform in 2026 Spending Bill." February 6, 2026. https://www.mintz.com/insights-center/viewpoints/2146/2026-02-06-congress-passes-landmark-pbm-reform-2026-spending-bill
- US Department of Labor. "US Department of Labor proposes historic pharmacy benefit manager fee disclosure rule." January 29, 2026. https://www.dol.gov/newsroom/releases/ebsa/ebsa20260129