Ro Raises $500 Million in Series D Funding to Expand its Vertically Integrated Primary Care Platform
Ro, the healthcare technology company, today announced it has completed a $500 million Series D fundraising round led by existing investors General Catalyst, FirstMark Capital and TQ Ventures, with significant participation from existing investors SignalFire, Torch Capital and BoxGroup as well as new investors Altimeter Capital, Baupost Group, Dragoneer Investment Group, ShawSpring Partners, Radcliff, and 776. The Series D brings Ro’s total fundraising since its founding in 2017 to $876 million.
Zachariah Reitano, Co-Founder & CEO of Ro, said: “The current healthcare system is working beautifully for insurance companies, but terribly for patients; to pretend otherwise is absolutely ridiculous. It’s time to give patients power. Ro is the only company to combine a nationwide telemedicine, pharmacy distribution, and in-home care network. Through this vertically integrated platform we’re making high-quality care available when and where patients need it, with no insurance required so patients are the ones in control. We’re powering a patient revolution, and we’re just getting started.”
Ro will use the newly-raised capital to strengthen its vertically integrated primary care platform. Ro plans to expand its pharmacy distribution network, continue to enhance its proprietary EMR (the Ro Collaborative Care Center), build new capabilities such as remote patient monitoring with integrated devices, and broaden into additional treatment areas that leverage its diagnostic capabilities.
Hemant Taneja, managing partner at General Catalyst, co-founder of Livongo, and a Ro investor, said: “What Zach and his team have been able to build in less than four years is nothing short of amazing. That this company was started from a place of personal challenge has guided the team to truly rethink healthcare experiences through a patient-centric lens. The team has continuously upleveled their thinking along the way and, as a result, they’ve got the potential to create an outsized positive impact on how we all access healthcare both via the internet and at home.”
The Series D round follows Ro’s acquisition of Workpath, a software platform that enables healthcare companies to offer on-demand, in-home care and diagnostic services with a simple API. The acquisition has allowed Ro to seamlessly integrate virtual and in-person care on its own platform and offer these in-home capabilities to other healthcare companies.
Leveraging this in-home care capability, Ro recently launched its COVID-19 Vaccine Drive. Working with New York State’s Department of Health, Ro is administering COVID-19 vaccinations for eligible New Yorkers directly in their homes. The program aims to help vulnerable populations, including the elderly and homebound, that face logistical challenges accessing vaccination sites. The Vaccine Drive is currently active in select zip codes in Yonkers, New York.
Ro is using this same capability to offer in-home diagnostic testing, which will enable healthcare providers on Ro’s platform to treat conditions that require lab work in a way that is safe and convenient for patients.
In addition to in-home care, Ro’s vertically integrated primary care platform allows for the immediate nationwide distribution of new treatments and medical devices. Ro recently partnered with healthcare AI company Gauss to offer Gauss’s smartphone-powered, at-home COVID-19 rapid antigen tests on its platform upon Food and Drug Administration Emergency Use Authorization. Ro has also partnered with biotechnology company Gelesis to make its weight management treatment Plenity available to patients nationwide utilizing Ro’s nationwide network of affiliated healthcare practitioners and pharmacy distribution centers.