SAN FRANCISCO--(BUSINESS WIRE)--Alto Pharmacy (“Alto”), the leader in America’s rapidly expanding digital pharmacy market, today announced it had raised approximately $200 million in an oversubscribed series E financing round led by returning investor Softbank Vision Fund.
“We’re thrilled this new funding will enable us to continue to define this evolving industry and to help even more patients get the care they deserve.”
In the two years since its series D, Alto has solidified its position as the leader in disrupting the $500 billion retail pharmacy industry, including:
Growing revenue to over $700 million annual run rate, up more than 100% in the last 12 months
Expanding to 12 markets across the United States
Continuing to delight customers, consistently earning a Net Promoter Score of 86, on par with top brands like Tesla and Apple, compared to negative five for the leading retail chain pharmacy
“We’ve been laser-focused for the last seven years on building solutions to the foundational issues plaguing the broken pharmacy industry. We’re so proud of the progress the team has made, quietly solidifying our position as the market leader in the rapidly growing digital pharmacy market,” said Alto co-founder Jamie Karraker. “We’re thrilled this new funding will enable us to continue to define this evolving industry and to help even more patients get the care they deserve.”
Despite the pandemic, the retail pharmacy industry has been one of the slowest to use technology to improve the customer experience. However, Alto has built a seamless customer experience based on using technology plus expert pharmacists to reduce prices for customers, provide easy to access expert care, and free same-day delivery. The benefits of this model were recently recognized by the New York City Health Department, which selected Alto as its exclusive partner for serving people in need of COVID-19 antivirals.
“People are waking up to the need for a better pharmacy solution than standing in line with sick people at a chain pharmacy,” said Matt Gamache-Asselin, co-founder of Alto. “Our team is incredibly proud of the rave reviews we’ve earned from our customers by focusing on lower prices, expert care, and free same-day delivery.”
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About Alto PharmacyAfter discovering that half of all prescriptions aren’t even picked up—resulting in 125,000 avoidable deaths every year—we set out to build a new kind of pharmacy that focuses on the person behind every prescription.
We’re transforming a $500 billion industry by reinventing what a pharmacy can do—from hand-delivering medications for free to offering on-call help by text or chat. Our customers are at the center of everything we do, and it shows. After delivering more than one million prescriptions, we have an NPS score of 86 and over a thousand five-star reviews on Yelp.
ContactsMichael Krueger, Alto Pharmacy
press@alto.com
