Startup Alto Pharmacy has raised $50 million in venture funding, reported TechCrunch.
Citing Alto Pharmacy, TechCrunch reported that Greenoaks Capital, Zola Capital, and Jackson Square Ventures invested in the Series C round of fundraising. Alto Pharmacy is among a handful of online pharmacy startups that are offering same-day prescription deliveries as well as other services including medication management apps. Alto Pharmacy was formerly named ScriptDash but rebranded in 2017 after raising $23 million in a series B round of fundraising, reported TechCrunch. That money was used to expand into Los Angeles, noted the report.
Alto told TechCrunch the company plans to use the recent funding to expand in the U.S. beyond San Francisco and Southern California. The company will also roll out a new mail-order service for customers who live outside of cities, and plans to expand into new products for those suffering from chronic illnesses and into the area of complex therapeutic, noted the report.
“In the past three years, we’ve proven that Alto’s model works for doctors and patients alike, reducing administration time for physicians while improving drug adherence rates for patients,” Alto Co-Founder and CEO Matt Gamache-Asselin said in the report. “Alto can cover the same geography as 400 chain pharmacy locations without the brick and mortar. This capital will allow Alto to reach more patients across the country and fill additional gaps in today’s pharmacy experience.”
The funding comes as Amazon.com is also focusing on the pharmacy market. In late June it announced it has inked a deal to acquire PillPack, the pharmacy focused on people in the U.S. who take multiple daily prescriptions. Terms of the deal were not disclosed. In a press release at the time, Amazon said it was drawn to the company because it is having a positive impact on patients’ lives. PillPack delivers medications in pre-sorted dose packaging, coordinates refills and renewals and ensures shipments are sent on time.