SAN FRANCISCO — Alto, which operates an online pharmacy serving six cities, has raised a $250 million Series D round of funding led by SoftBank Vision Fund 2, with participation from existing investors, GreenOaks Capital, Jackson Square Ventures, Olive Tree Capital and Zola Global. The funding aims to support Alto’s geographic expansion across the United States and product development.
Alto has now raised over $350 million.
Founded in 2015, Alto is a full-service pharmacy designed to improve health outcomes and lower costs by providing customers with faster, more convenient access to their medication. Instead of having to visit a traditional brick-and-mortar pharmacy to pick up medications, Alto customers schedule delivery of medication right to their home or office that same day from their phone. Alto customers can also see medication price comparisons, manage their medications, and connect directly with a pharmacist to help them stay on track.
Alto currently operates in San Francisco, Los Angeles, Las Vegas, San Diego, Seattle, and Sacramento. It is estimated that a single Alto pharmacy or fulfillment center covers the same geographic area as about 400 chain pharmacy locations while offering same day delivery. The company plans to launch in additional markets this year.
“Since we founded Alto in 2015, we have served over 100,000 patients and delivered over 1,000,000 prescriptions. We are proud of the impact that we’ve had on the lives of our customers and are excited by this important next step in our journey,” said Matt Gamache-Asselin, CEO of Alto. “As we harness our technology and bring this experience to millions of new customers, we are confident that we’ll continue finding even faster and friendlier ways to get medicine into the hands of patients in need.”