Alto, a pharmacy technology company, has announced that it has raised $50 million in Series C funding led by Zola Global and Greenoaks Capital. Jackson Square Ventures, Olive Tree Capital, and several others participated in this round. Alto was rebranded from ScriptDash last year. The company launched in 2015 after a San Francisco-based pharmacy serving the Mission District for over 30 years called AG Pharmacy was purchased.
Since traditional pharmacies often have trouble communicating with doctors, insurance companies, and patients through prescriptions and faxes. As a result, it causes 20 hours of administrations a week per doctor, delays in prescriptions, and errors in fulfillment. So Alto built a pharmacy infrastructure that benefits all stakeholders and engages with the patient.
Alto’s pharmacy management software can be used by doctors and insurers to spend less time on administration and more time to improve health. Alto offers a same-day free delivery service for patients seven days a week for prescriptions. And it offers cost transparency and personalized in-app and phone support. As a result, faster coordination is provided with doctors and insurance companies and patients get the care they need on time.
“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,” said Alto co-founder and CEO Matt Gamache-Asselin. “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.”
With this round of funding, Alto will expand geographically into new markets across the U.S. And the company is going to deliver new products for chronic and complex therapeutic areas. Alto has raised a total of $73 million since launching.
“Alto’s growth is a testament to their focus on improving the patient experience. By reimagining the core pharmacy software, we believe Alto has improved the quality of care and health outcomes for over 50,000 patients in California. We’re thrilled to see Alto bring this service to new markets in the coming year,” added Neil Shah of Greenoaks Capital.
Alto is going to roll out new delivery locations beyond San Francisco and Southern California. And the company is going to launch new mail-order services for patients outside of major metro areas.
Plus Alto is broadening its services for complex and chronic conditions that require specialty drug therapies. This helps reduce the stress that new patients face as they may start facing major life changes. Currently, Alto specializes in dermatology, fertility, biologics, and HIV. And now it is going to start delivering to patients in autoimmune, endocrinology, and cardio.
Alto also set up partnerships with doctors and hospitals such as UCSF, Stanford, and One Medical. And more than 10,000 organizations have selected Alto as their pharmacy platform of choice.