Ro Raises $150 Million from Existing Investors to Expand its Direct-to-Patient Healthcare Model
Capital will accelerate integration of Ro services into a unified patient experience
Funds will also advance Ro's B2B offerings, including Workpath and Kit
15 Feb, 2022, 10:29 ET
NEW YORK, Feb. 15, 2022 /PRNewswire/ -- Ro, the direct-to-patient healthcare company, today announced it has raised an additional $150 million exclusively from existing investors. The funding was led by ShawSpring Partners, with participation from General Catalyst, FirstMark Capital, TQ Ventures, SignalFire, BoxGroup, The Chernin Group, Initialized Capital, Altimeter Capital, Baupost Group, and Seven Seven Six.
Zachariah Reitano, Co-Founder & CEO of Ro, said: "In less than five years, Ro has become the only company to combine nationwide telemedicine, in-home care, diagnostics, labs, and pharmacy services. With this funding, Ro can accelerate our pursuit of revolutionizing healthcare by building accessible, impactful, and trusted care that people want. This year, that means debuting a unified, single-branded care experience for our patients and further enabling other healthcare companies to benefit from the patient-centric technology and services we've built."
Ro also announced today the launch of Ro Derm — a digital clinic for skincare and the latest Ro-branded offering following the launch of Ro Mind, a digital clinic for mental health, and Ro Pharmacy, a cash-pay online pharmacy.
This news follows several other major milestones since the company's last funding round in March 2021, including:
- Expanding Ro's owned and operated network to 10 pharmacy fulfillment centers nationwide, with the ability to deliver 99% of packages within two business days
- Diversifying revenue outside of men's health by growing non-Roman revenue by 100% year-over-year
- Facilitating over 150,000 in-home care appointments for other healthcare companies since acquiring Workpath
- Expanding into fertility care with the acquisition of Modern Fertility
- Strengthening Ro's diagnostic offering through the acquisition of Kit
- Adding CLIA-certified and CAP-accredited lab capabilities to Ro's vertically integrated platform
- Growing Ro Pharmacy, which saw 150% revenue growth in 2021 and added over 700 new medications to its formulary, bringing its total offering to +1,000 generic medications
- Deepening patient relationships, with 1 in every 5 patients using Ro for more than one treatment
Ro will use the newly-raised capital to strengthen its position in direct-to-patient care — a model of healthcare that uses technology to reduce costs, expand access, and empower patients to choose and pay for the healthcare they want and need.
In 2022, Ro will introduce one Ro-branded platform, online and mobile, for patients to access all of the company's care and pharmacy services. This single destination will support patients' needs across mental health, women's health, men's health, fertility, metabolic health, and skincare. The unified platform will combine all of Ro's vertically integrated capabilities including virtual and in-home care, at-home diagnostics, labs, and pharmacy fulfillment. By unifying all of its offerings in one place, Ro will be able to deepen its relationship with patients and simplify the healthcare experience.
Additionally, this year, Ro will continue to expand its B2B offering, building on the momentum Workpath and Kit experienced in 2021, to enable healthcare companies of all kinds to utilize Ro's patient-centric products and services. Today, Ro's B2B offerings are being used by health systems, clinical trials operators, labs, digital health companies, Fortune 100 companies, and more nationwide.
Ro is a direct-to-patient healthcare company providing high-quality, affordable healthcare without the need for insurance. Ro is the only company to seamlessly connect telehealth, in-home care, diagnostics, labs, and pharmacy services nationwide. This is enabled by Ro's vertically integrated platform that powers a personalized, end-to-end healthcare experience from diagnosis, to delivery of medication, to ongoing care. Since 2017, Ro has facilitated more than eight million digital healthcare visits in nearly every county in the United States, including 98% of primary care deserts. Ro also provides its patient-centric solutions including Workpath, its in-home care API, and Kit, its at-home diagnostic testing service, to other healthcare companies. Visit Ro.co for more information.
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