Alto Pharmacy Secures $50M in Series C
Modern pharmacy player Alto has announced it has raised $50m in Series C funding in a round led by Zola Global and Greenoaks Capital with participation from Jackson Square Ventures, Olive Tree Capital, and others. This funding round will support geographic expansion into new markets across the U.S. and deliver new products for chronic and complex therapeutic areas. To date, Alto has raised a total of $73m.
Traditional brick-and-mortar pharmacies, while servicing hundreds of customers a day, haven’t seen their businesses as consumer products, and struggle to communicate with doctors, insurance companies and patients via fax, phone and paper. This causes 20 hours of administration a week per doctor, delays in prescriptions, errors in fulfillment and poor adherence rates. Alto has rebuilt the pharmacy infrastructure to align all stakeholders, engage with the patient and ultimately improve health outcomes.
Through a provider platform and pharmacy management software, doctors and insurers spend less time on administration and more time improving health. For patients, Alto provides same-day free delivery, seven days a week for prescriptions, but more importantly, offers cost transparency, personalized in-app and phone support, and faster coordination with doctors and insurance companies to get patients the care they need.
“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 can cover the same geography as 400 chain pharmacy locations with one fulfillment center and same day delivery. This capital will allow Alto to reach more patients across the country and fill additional gaps in today’s pharmacy experience.” – CEO and cofounder of Alto, Matt Gamache-Asselin.
Alto plans to roll out new delivery locations beyond San Francisco and Southern California and introduce mail-order services for patients outside of major metro areas. Partnerships with doctors and hospitals have been key to Alto’s rapid growth, with notable providers like UCSF, Stanford, One Medical and more than 10,000 others having selected Alto.
Alto is also broadening its services for complex and chronic conditions requiring specialty drug therapies, which can often overwhelm new patients with paperwork and drug protocols, typically while in the midst of major life changes. Alto’s patient-centered app and support are uniquely positioned to accommodate patients and caregivers for these treatments, with same-day delivery and on-demand pharmacists ready to assist. Alto currently specializes in dermatology, fertility, biologics and HIV and will now deliver to patients in autoimmune (RA), endocrinology (diabetes), and cardio (heart disease).