Capital Rx Raises $400 Million and Rebrands as Judi Health to Expand Beyond Pharmacy

Capital Rx, a health technology company and benefits administrator, announced a $400 million funding round and is rebranding as Judi Health to reflect its expansion into full-service health benefit management.

This latest financing round, led by Wellington Management and General Catalyst, includes a $252 million Series F investment and additional contributions scheduled to close in early October. In a funding round, a company raises money from investors by selling ownership stakes or other financial agreements.

The deal, announced today, brings Capital Rx’s total funding to $607 million and values the company at $3.25 billion, more than double the $1.5 billion valuation it had at its previous funding in March 2024. The money will support the company’s Enterprise Health Platform, designed to help employers and health plans manage benefits more efficiently and transparently, according to the company’s announcement.

“Judi Health is rewriting the playbook for how benefits are delivered,” Joshua Sommerfeld, Healthcare Sector Lead at Wellington Management, said in the announcement. “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 rebrand highlights the company’s shift from a PBM to a full-spectrum benefits technology partner.

According to the company, Judi Health aims to unify pharmacy, medical, dental and vision benefits under a single platform. Its Enterprise Health Platform, known as Judi, provides administrative workflows for millions of plan members, including Fortune 500 companies, large unions, leading health systems, Medicare and Medicaid plans and major academic institutions.

Judi Health traces its roots to 2017 as CapitalRx, when CEO AJ Loiacono and CTO Ryan Kelly founded the company to transform pharmacy benefit management. With more than 4 million employer PBM members and over 54 million health plans on its platform, the company is leveraging its infrastructure to enter the broader health benefits market.

Jonah Surkes, director at Generation Investment Management, highlighted what this expansion could lead to.

“We believe that Judi Health is building the foundational infrastructure for a more transparent U.S. healthcare system. For as long as health benefits remain obscured by misaligned incentives and legacy technology, patients will continue to suffer, whether at pharmacy counters or hospital beds,” Surkes said in the announcement.

Loiacono noted that the expansion addresses long-standing inefficiencies in the U.S. healthcare system.

“We’ve seen unprecedented demand for Capital Rx, our transparent pharmacy benefit offering, and with the introduction of Judi Health, we are able to help our customers also administrate medical, dental and vision benefits on a single platform,” Loiacono said. “The U.S. healthcare ecosystem has far too many ‘rent seekers’ inflating costs, hiding fees, and delivering substandard care due to a combination of misalignment and a reliance on antiquated technology. Judi Health is not just the promise of better care; it is the technology that powers the future of U.S. healthcare.”

The launch of Judi Health coexist with rising healthcare costs in the U.S., which are projected to increase almost 9% in 2026. Rising costs, combined with limited transparency in pricing for visits, prescriptions, and procedures, have contributed to delayed or deferred care, underscoring the need for clearer and more efficient benefit administration.

Judi Health will continue to offer multiple services through their platforms for employers and health plans, including:

• Capital Rx: Continues to operate as a transparent pharmacy benefit manager recognized for a flat-fee pricing model and member-centric services.
• Judi Health: Provides full-service health benefit management, including unified care navigation through Judi Care™ for pharmacy, medical, vision, and dental benefits.
• Judi: A purpose-built enterprise health platform that streamlines administrative workflows for millions of plan members.

The company has been recognized nationally for its technology advancements and transparent pricing in PBM. Over the years, it has expanded its capabilities, launching Medicaid and Medicare processing, acquiring Amino Health—which is now Judi Care—and is introducing the Unified Claims Processing platform in 2025.