Starting & Scaling PillPack To $1B Acquisition With TJ Parker | EM Group Chat #196

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Recording of the Everything Marketplaces Group Chat #196 (7/29) with TJ Parker. TJ previously started PillPack, which scaled to become one of the largest online and direct to consumer pharmacies. PillPack raised $100M+ in venture capital from top investors like CRV and Accel, before eventually being acquired by Amazon for $1B in 2018. TJ is now a General Partner at Matrix and also started General Medicine, which is a one-stop shop for healthcare.

0:05 Intro
1:09 TJ's background
3:08 The founding story & first steps for starting PillPack
5:02 Some of the early challenges for PillPack
7:33 How PillPack evolved & scaled
9:11 Challenges building in healthcare
11:26 Fundraising learnings from raising $100M+ in capital & being acquired by Amazon for $1B
13:49 Key learnings from PillPack
15:08 Starting General Medicine
16:56 Going narrow vs. broad when starting a marketplace
18:25 How General Medicine is leveraging AI
21:51 Aligning incentives when building a marketplace
23:46 Tips for early-stage marketplace founders
24:38 Group Q&A on finding PMF when starting PillPack
26:22 Group Q&A on competition
27:13 Group Q&A on the biggest mistakes founders make when building in healthcare
28:05 Group Q&A on team building & hiring
32:23 Group Q&A on how AI is impacting marketplaces
34:36 Group Q&A on how TJ evaluates startups when investing
36:31 Parting marketplace advice

TJ on Twitter/X: https://www.x.com/tjparker
TJ on LinkedIn: https://www.linkedin.com/in/tjparker1
General Medicine: https://www.generalmedicine.com
Mike (Yoroomie) on Twitter/X: https://www.x.com/yoroomie
Mike (Yoroomie) on LinkedIn: https://www.linkedin.com/in/yoroomie

You can also find this group chat in audio format as an episode on our Everything Marketplaces podcast on Apple Podcasts and Spotify. You can also connect with marketplace founders & leaders from our group chats in the Everything Marketplaces community.