Total amount raised
$389 Millions
Latest funding date
2/1/2020
Location
Alto Pharmacy has successfully raised significant funding through multiple rounds, with notable investors such as FJ Labs and What If Ventures backing the company. The digital pharmacy continues to innovate in the healthcare sector, offering seamless prescription services and expert support.
Keep reading to explore the intricacies of Alto Pharmacy's fundraising journey and the investors who believe in its mission to revolutionize the pharmacy experience.
What Is Alto Pharmacy?
Alto Pharmacy, founded in June 2015, is a digital pharmacy based in San Francisco, California. The company was established by Jamie Karraker, Mattieu Gamache-Asselin, and Vlad Blumen. With a workforce of 501-1000 employees, Alto Pharmacy aims to revolutionize the prescription experience.
Combining expert pharmacist care with purpose-built technology, Alto Pharmacy offers a range of services including same-day prescription delivery, insurance coordination, and a medication management app. The company also provides cost savings assistance, a provider portal, and specialty medication support.
Alto Pharmacy's mission is to make the prescription process more convenient and affordable for patients. By leveraging technology and expert care, they strive to deliver extraordinary service and support to those in need of medication.
How Much Funding Has Alto Pharmacy Raised?
- Series A
- Amount Raised: $6M
- Date: June 2016
- Lead Investors: Jackson Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operational capabilities and enhance service offerings.
- Series B
- Amount Raised: $17M
- Date: June 2017
- Lead Investors: Greenoaks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and improve technology infrastructure.
- Series C
- Amount Raised: $50M
- Date: December 2018
- Lead Investors: Greenoaks, Zola Global Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance customer service capabilities.
- Series D
- Amount Raised: $250M
- Date: January 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To support rapid growth and strategic acquisitions.
- Series D
- Amount Raised: Not disclosed
- Date: August 2020
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and technology development.
- Venture Round
- Amount Raised: Not disclosed
- Date: January 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation.
- Debt Financing
- Amount Raised: $36.4M
- Date: November 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial stability and support ongoing projects.
- Series E
- Amount Raised: $200M
- Date: January 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive growth and expand service offerings.
- Series F
- Amount Raised: $120M
- Date: September 2023
- Lead Investors: Not disclosed
- Valuation at Round: $800M
- Motivation Behind the Round: To pursue further acquisitions and enhance market position.
- Convertible Note
- Amount Raised: Not disclosed
- Date: November 2024
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for strategic initiatives.
Alto Pharmacy has raised a total of $679.4M with a current valuation of $800M.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a global conglomerate holding company headquartered in Tokyo, Japan. It is known for its significant investments in technology, energy, and financial sectors.
- Investment Focus Areas: Technology, telecommunications, energy.
- Notable Investments: Uber, WeWork, Alibaba.
- Greenoaks
- Details: Greenoaks is a venture capital firm that invests in technology companies globally. They focus on long-term partnerships with companies that have the potential to become market leaders.
- Investment Focus Areas: Technology, consumer internet, software.
- Notable Investments: Robinhood, Discord, Brex.
- Zola Global Investors
- Details: Zola Global Investors is a private equity firm that specializes in growth-stage investments. They aim to support companies with strong growth potential and innovative business models.
- Investment Focus Areas: Healthcare, technology, consumer goods.
- Notable Investments: Not publicly disclosed.
- Jackson Square Ventures
- Details: Jackson Square Ventures is a venture capital firm based in San Francisco. They invest in early-stage technology companies with a focus on enterprise software and consumer internet.
- Investment Focus Areas: Enterprise software, consumer internet, SaaS.
- Notable Investments: DocuSign, Strava, Upwork.
- FJ Labs
- Details: FJ Labs is a venture capital firm and startup studio that invests in early-stage companies. They focus on marketplaces and consumer internet businesses.
- Investment Focus Areas: Marketplaces, consumer internet, e-commerce.
- Notable Investments: Alibaba, Delivery Hero, Flexport.
What's Next for Alto Pharmacy?
Alto Pharmacy's recent $120 million funding round, resulting in a valuation of $800 million, sets the stage for significant growth opportunities. The company aims to leverage this capital to enhance its operations and pursue strategic acquisitions, following its purchase of NowRx. This expansion aligns with industry trends of increased mergers and acquisitions within the online pharmacy sector.
Future fundraising efforts are likely, as indicated by CEO Alicia Boler-Davis, who has expressed intentions to secure additional capital. However, challenges such as navigating valuation cuts and potential difficulties in completing mergers, as seen with the failed SPAC merger in 2021, may arise. Despite these hurdles, Alto Pharmacy remains poised to capitalize on the growing demand for digital healthcare solutions.
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