Ro Raises $200 Million in Series C Funding to Expand its Patient-Centric Healthcare System
Capital furthers Ro's mission to become a patient's first call for their healthcare needs
July 27, 2020 — New York, NY — Ro today announced it has completed a $200 million Series C fundraising round led by existing investor General Catalyst, with significant participation from existing investors FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L, and BoxGroup, as well as first time investor The Chernin Group. With this new round, Ro has raised a total of $376 million since its founding in 2017.
Zachariah Reitano, Co-Founder & CEO of Ro, said: "Every single person deserves high-quality, affordable healthcare. At Ro, we believe the only way to do this is by putting patients at the center of their care and building technology to empower providers to do what they do best — help people. This new investment will further our mission to become every patient's first call. We'll continue to invest in our vertically-integrated healthcare ecosystem, from our Collaborative Care Center to our national pharmacy operating system. This is just the beginning of Ro's patient-centered healthcare platform."
This new round of investment follows several major milestones in the company's two-and-a-half-year history including:
The expansion of Ro's clinical offering to three digital health clinics: Rory for women's health, Roman for men's health, and Zero for smoking cessation. Across all three clinics, Ro now treats nearly 20 conditions, including sexual health, weight loss, dermatology, allergies, and more
The successful launch of Ro Pharmacy, an online cash pay pharmacy offering over 500 generic medications for just $5 per month per drug
The launch of Plenity, an FDA-approved weight management aid, on Ro's platform through a partnership with biotechnology company Gelesis
An exclusive partnership with Pfizer Greenstone to bring transparency and the highest quality medication to patients
The integration of Ribbon Health's comprehensive nationwide directory of primary and specialty healthcare providers, promoting frictionless continuity of care between telehealth and in-person settings
Ro will use the newly-raised capital to further its mission to build technology to address access and affordability challenges faced by patients in today's healthcare system. In this effort, Ro plans to offer remote patient monitoring with integrated devices for chronic disease management, urgent care, and at-home testing on its platform in the near future.
To bring its vision into reality faster, Ro will double the size of its engineering team and is looking for exceptionally mission-driven people in every function of the company.
Dr. Joycelyn Elders, MD, Ro Medical Advisor and Former US Surgeon General, said: "Telehealth companies like Ro are using technology to address long-standing healthcare disparities that have been exacerbated by Covid-19. By empowering providers to leverage their skills as efficiently and effectively as possible, Ro delivers affordable, high-quality care regardless of a patient's location, insurance status, or physical access to physicians and pharmacies."
Founded in 2017, Ro is a patient-driven telehealth company that puts patients in control of their health. Ro powers three digital health clinics — Roman for men's health, Rory for women's health, and Zero for smoking cessation — as well as Ro Pharmacy, a simple and affordable online pharmacy where every generic medication is $5 per month. The company's nationwide network of physicians and pharmacies provides a personalized, end-to-end healthcare experience from online treatment to the delivery of medication and ongoing care. In fewer than three years, Ro has facilitated more than five million digital healthcare visits for patients in nearly every county in the United States, including 98% of primary care deserts. Ro's services are entirely cash-pay, requiring no insurance. Visit Ro.co for more information.