SoftBank’s second Vision Fund has led a new round of funding for Silicon Valley-based drug delivery firm Alto Pharmacy that valued it at over $1 billion, according to two people familiar with the development.
Next-gen pharmacy Alto Pharmacy has raised $50 million in a series C round of funding from Greenoaks Capital, Zola Capital, and Jackson Square Ventures.
Founded in 2015 after acquiring AG Pharmacy, a brick-and-mortar pharmacy which served San Francisco for more than 30 years, Alto Pharmacy is one of a number of online pharmacies to offer same-day prescription deliveries, in addition to related services such as medication management apps.
Alto is also pushing beyond the Bay Area for a nationwide rollout with the new capital. Most of its competitors have focused on certain cities and areas so it will be interesting to see how Alto fares with such a large expansion.
Soma invested in the seed round. Alto investors include Greenoaks Capital, Jackson Square Ventures, and Twitch co-founder, Justin Kan.