Alto Pharmacy has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a seamless prescription ordering and medication delivery service, supported by expert care available seven days a week.
Keep reading to explore the intricacies of Alto Pharmacy's fundraising journey and the investors backing this innovative platform.
What Is Alto Pharmacy?
Alto Pharmacy, founded in 2015, is headquartered in San Francisco, California. The company was established by Matt Gamache-Asselin and Jamie Karraker.
Alto Pharmacy offers a modern pharmacy experience, focusing on seamless prescription ordering, medication delivery, and expert support available seven days a week. They have supported over 160,000 fertility journeys since their inception.
With a growing team, Alto Pharmacy continues to expand its services across the United States, providing same-day courier delivery and nationwide home delivery of fertility medications.
How Much Funding Has Alto Pharmacy Raised?
- Series B Funding Round
- Amount Raised: $23 million
- Date: June 12, 2017
- Lead Investors: Greenoaks Capital
- Motivation Behind the Round: To support nationwide expansion and develop a backend system for easier prescription filling by doctors and clinics.
- Series C Funding Round
- Amount Raised: $50 million
- Date: December 5, 2018
- Lead Investors: Greenoaks Capital, Zola Capital, and Jackson Square Ventures
- Motivation Behind the Round: To expand across the U.S., introduce a mail-order service, and develop new products for chronic and complex therapeutic areas.
- Series D Funding Round
- Amount Raised: $250 million
- Date: February 4, 2020
- Lead Investors: SoftBank Vision Fund II
- Motivation Behind the Round: To accelerate geographic expansion across the U.S. and further develop product offerings.
Alto Pharmacy has raised a total of $323 million in funding. The most recent valuation is $1 billion (~estimated).
Key Investors
- SoftBank Vision Fund II
- Details: SoftBank Vision Fund II is a global investment fund managed by SoftBank Investment Advisers. It focuses on technology-driven companies that aim to improve quality of life.
- Investment Focus Areas: Technology, healthcare, artificial intelligence, robotics, and telecommunications.
- Notable Investments: Uber, WeWork, DoorDash.
- Greenoaks Capital
- Details: Greenoaks Capital is a global investment firm that invests in technology companies across various stages. They have a strong track record of backing high-growth companies.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Robinhood, Stripe, Discord.
- Jackson Square Ventures
- Details: Jackson Square Ventures is a venture capital firm that invests in early-stage technology companies. They focus on companies with strong growth potential and innovative solutions.
- Investment Focus Areas: Technology, software, healthcare.
- Notable Investments: DocuSign, Strava, Upwork.
- Olive Tree Capital
- Details: Olive Tree Capital is an investment firm that focuses on technology and growth-stage companies. They aim to support companies that drive innovation and growth.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Various technology startups.
- Zola Global
- Details: Zola Global is a venture capital firm that invests in early to growth-stage technology companies. They support companies that are at the forefront of innovation.
- Investment Focus Areas: Technology, innovation, healthcare.
- Notable Investments: Innovative technology companies.
What's Next for Alto Pharmacy?
Alto Pharmacy stands at the cusp of significant growth opportunities. With the U.S. pharmacy market valued at $350 billion, the company aims to expand its geographic footprint and enhance its product offerings. The introduction of a mail-order service and development of new products for chronic and complex therapeutic areas are key strategies to capture a larger market share.
Future fundraising rounds are likely as Alto continues its rapid expansion. The company may attract additional investments to support technological advancements and further geographic reach. However, challenges such as competition from traditional pharmacies and regulatory hurdles could pose obstacles. Ensuring consistent service quality and medication adherence will be crucial as Alto scales its operations.
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