Well.ca attracts $2.3 million in latest round of angel financing

StartupNorth is reporting that Canadian online pharmacy Well.ca has attracted $2.3 million in angel funding during their latest round of financing.

There are some pretty prominent investors on the list, including Matt Mullenweg, founder of WordPress, and Jeff Fluhr, co-founder of StubHub.com.

You might ask yourself, why is Well.ca looking for more funding? They’re already a major player in Canadian online retail, so what do they need more investment for? As StartupNorth’s David Crow reports, Well.ca founder Ali Asaria [pictured] has big plans to grow his brand:

Well.ca has opened a Toronto office in the new CSI Annex at Bloor and Bathurst. They have recently hired Paige Malling as VP, Marketing away from Sears.ca.  The money is going to expansion. I learned today that Well.ca is the largest online diaper retailer in Canada. You don’t need to be a parent to know that diapers are a big deal, Amazon just spent $540MM on diapers (well Diapers.com). The Well.ca team has figured out the backend systems to attract customers, fulfill orders and generate revenue (hopefully a profit). Expanding the categories and footprint into Canadian homes beyond health and beauty is a logical next step. It reminds me of a online retailer based in Seattle, WA that started with books and continues to expand their categories.

Crow’s probably onto something here. Well.ca aims to recreate the feel of a neighbourhood pharmacy, and my neighbourhood pharmacy has way more than health and beauty products. Well.ca has the name recognition, so why not sell other pharmacy products, like office supplies, some seasonal stuff, maybe cards and even toys? I also think it’s notable that a marketing exec from Sears is now working at Well.ca; Sears has been a highly diversified company for over 100 years, so she undoubtedly has experience with these matters.

Stay tuned for further developments.