Business
The company will use the funds to expand its platform and accelerate global commercialization.
During its earnings call this week, Walgreens' CEO said the company would invest in an organization currently achieving EBITDA.
According to reporting by TechCrunch, the company laid off around 500 employees.
The company will expand its network and platform and increase R&D investments.
The company said the sale of Meritage Medical Network will allow it to focus on its digital-first, value-based care contracts.
The company let go of 20% of its workforce last week.
The virtual care startup for LGBTQ+ patients will also use the investment to expand its recently launched enterprise offering.
The collaboration will allow Rite Aid to relocate its fundamental applications to Google Cloud, including its vaccine scheduling tool, customer messaging infrastructure and digital engagement platform.
The company will also stop offering Medicare Advantage plans outside of California and Florida.
The company announced a $10 million Series B raise last year.