Healthtex is raising up to NZD $2 million to expand its consumer health platform in the United States. It says it has secured almost 40% of its minimum crowdfunding target in less than a week.
The New Zealand-founded business is seeking the capital at a NZD $21 million pre-money valuation as it builds a portfolio of 14 US Food and Drug Administration-listed over-the-counter medicines under its Neoqura brand.
The raise comes as Chief Executive Officer and Co-Founder Tim O'Donoghue, a New Zealand pharmacist based in London, is also involved in a separate UK pharmacy venture. O'Donoghue is part of the team behind Green Light Pharmacies, which is linked to a joint venture with Sigma Healthcare to roll out the Chemist Warehouse brand across the UK.
Healthtex is taking a different route from traditional pharmacy operators. It sells exclusively online and focuses on over-the-counter medicines and health advice for consumers who do not need a prescription or a doctor's visit for common conditions.
Its first US product is Asteroid, a haemorrhoid ointment made in Nelson. Healthtex says the product launched in January through Amazon and direct-to-consumer channels, and has recorded early sales and five-star customer ratings.
The company says it has generated more than NZD $1 million in retail sales across New Zealand and early US channels. It is using that revenue base to argue there is demand for its model ahead of a broader push into the US market, which it values at more than USD $100 billion a year.
US push
O'Donoghue said the business was shaped by patient demand for easier access to treatment for everyday conditions. His background includes more than 30 years in pharmacy, research, and teaching, including UK work on why patients do or do not take medicines.
That experience informed the company's focus on self-care categories where consumers may value convenience and privacy. The approach also reflects a broader shift in healthcare systems toward directing routine treatment away from clinicians where appropriate.
"It's not the most glamorous category in healthcare, but it's a big one, and it's been badly underserved for a long time," said Tim O'Donoghue, Chief Executive Officer and Co-Founder, Healthtex.
"We like to think Asteroid is helping Americans sit a little more comfortably, in more ways than one," O'Donoghue said.
All Neoqura medicines are sold online without a prescription. Healthtex operates through a US subsidiary incorporated in Delaware, while its intellectual property is held in New Zealand.
Crowdfunding route
Healthtex has chosen to raise money through PledgeMe, giving retail investors in New Zealand a chance to buy into the business. The platform says the campaign made a fast start, with export potential among the reasons for early interest.
"Now we're opening the door for Kiwi investors to come with us as we take this into a US market measured in the hundreds of billions," O'Donoghue said.
He said the company had already built the regulatory and commercial foundations needed for expansion. That includes a pipeline of products listed with the FDA and an online distribution model intended to reach customers nationally from the outset.
"A huge number of everyday health conditions don't need a doctor," O'Donoghue said.
"They need the right product, good information, and privacy. What we're building is a platform that enables safe, informed self-care at scale. It's exactly what the patient has asked for, and it frees up clinicians to focus on more complex cases, which is where health systems the world over are under the most strain," he said.
PledgeMe says the Healthtex campaign reached almost 40% of its minimum target shortly after opening to the public. The crowdfunding platform also says it has passed NZD $80 million in total pledged funds since it was founded.
"We're excited to see this campaign already raise almost 40% of its minimum goal in less than a week from going public," said Anna Guenther, Co-Founder, PledgeMe.
"The opportunity for export with this product, and the team backing it, is impressive, and we can't wait to see what they do with the support and investment from their crowd," Guenther said.