Alto Pharmacy, a digital pharmacy, raised $250 million in a Series D funding round.
SoftBank Vision Fund 2 led the funding round, with participation from existing investors, GreenOaks Capital, Jackson Square Ventures, Olive Tree Capital, and Zola Global.
The Series D round brings Alto Pharmacy’s total funding raised to date to over $350 million. According to the company, the new funds will accelerate geographic expansion and product development.
Alto is a patient-centric digital pharmacy designed to improve health outcomes and lower costs by providing customers with faster, more convenient access to their medication. Instead of having to visit a traditional brick-and-mortar pharmacy to pick up medications, Alto customers schedule delivery of medication right to their home or office that same day from their phone. Alto customers can also see medication price comparisons, manage their medications, and connect directly with a pharmacist to help them stay on track.
Doctors use the Alto app to streamline time-consuming administrative workflows, like benefits investigation and insurance authorizations, to ensure that patients get insurance coverage for critical and expensive medications. The company currently operates in San Francisco, Los Angeles, Las Vegas, San Diego, Seattle, and Sacramento.
“Since we founded Alto in 2015, we have served over 100,000 patients and delivered over 1,000,000 prescriptions. We are proud of the impact that we’ve had on the lives of our customers and are excited by this important next step in our journey,” said Matt Gamache-Asselin, CEO of Alto.
“US pharmacies comprise a $350B market, but providers and consumers face meaningful pain points. Traditional pharmacies still rely on outdated technologies like phone, fax, and paper, that aren’t built for our increasingly digital world,” said Justin Wilson, Partner at SoftBank Investment Advisers. “Alto has rebuilt the pharmacy infrastructure to align all stakeholders to improve health outcomes. We’re excited to partner with Alto and support its mission to improve the quality of life for everyone who needs medicine.”