Alto Pharmacy, a digital pharmacy company based in San Francisco, has recently amassed $50M in funding. With these finances, the startup has plans to expand their existing business to new regions and offer additional products involved in treating complex patients.
The Series C funding round was led by Greenoaks Capital, Zola Global, Jackson Square Ventures, Olive Tree Capital, and several others.
“Given our success in San Francisco, LA and Orange County, Alto plans to expand to new markets across the U.S.,” said Matt Gamache-Asselin, Alto’s co-founder and CEO. “Colorado is a natural next step given Alto now has an office in Denver. From there, we will target primarily large markets on the East Coast to start.”
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Alto currently specializes in dermatology, fertility, HIV and biologics, and has plans to move into assisting patients with common diseases such as heart disease, diabetes, and arthritis. Gamache-Asselin claims that the company will also be putting this money towards expanding their staff and investing in their physician/pharmacy platform and patient app.
Alto Pharmacy was founded in 2015, and offers patients same-day prescription delivery seven days a week. Under these services customers receive cost transparency for their treatments in addition to support via the mobile app and phone calls. Alto’s provider platform and management software aim to alleviate physicians and insurers from wasting time on basic processes.
“Alto rebuilt the infrastructure without the inefficient brick-and-mortar to align all the stakeholders, engage with the patient and ultimately improve health outcomes,” said Gamache-Asselin.
Movements to digitalize prescription services, such as those taken by Alto, are becoming increasingly common in the industry. With Amazon’s recent acquisition of online pharmacy PillPack this year, it is expected to see technology become much more prevalent in prescription services.
Going forward, Gamache-Asselin said his company has plans to conduct clinical trials that further sow how their technology and services can improve patient conditions.
Pharmacy funding news this morning — West Coast-based @altopharmacy raised another $50M as it plans ways to clinically validate its approach to pharmacy (courier service + condition-specific care) https://t.co/H0MhJSHld0
— Lydia Ramsey (@lydiaramsey125) December 5, 2018
Sources: MedCityNews
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