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.
Founded in 2016, Palo Alto-based startup Yoshi is an on-demand car maintenance platform that delivers gas to your automobile, as well as handling related tasks, such as oil changes, cleaning, and more — all while your car is parked just where you left it. Drivers can order the service directly from the Android or iOS mobile app.
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.