SoftBank leads latest Alto Pharmacy funding round at over $1 billion valuation
Alto Pharmacy is a medication and prescription door delivery service. Alto is building the world’s largest digital pharmacy, aiming to disrupt the archaic $400bn pharmacy industry. Alto now aims to offer doctors and clinics an easier backend system to fill those prescriptions. “Doctors and technicians call each other day in and day out trying to coordinate something but they need a technology platform,” founder Gamache-Asselin explained. Alto’s course of action is to modernize on the backend and onboard providers to use the startup’s new pharmacy communications platform.
Alto so far has delivered more than 100,000 prescriptions to 12,000 patients living in the San Francisco Bay Area since launching in June of 2015. The company is now generating over $200m in ARR and has created an experience that has resulted in great customer feedback, with a high NPS score, high contribution margins, an effective distribution channel, and a strong founding team. Alto Pharmacy has 100+ employees across 5 cities. The team has recruited talent from multiple industries, all experts in their field from reputable companies including Facebook, Abbott, Amazon, Apple, Genentech, Walgreens and Pepsi.
Since Soma’s firest check Alto Pharmacy has gone on to raise more than $350m+ in additional capital. Subsequent investors include Greenoaks Capital, Jackson Square Ventures, Twitch co-founder Justin Kan, and Softbank at a near $1bn valuation.