Telehealth firm Ro began out three years in the past promoting erectile dysfunction medicine and hair loss dietary supplements to males.
The corporate has since constructed out a telehealth firm with three on-line well being clinics, and now it desires to increase into distant monitoring for persistent situations.
Ro has scored a $200 million sequence C funding spherical led by current investor Common Catalyst and with important participation from traders FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L and BoxGroup.
First-time investor The Chernin Group additionally participated.
The startup has raised a complete of $376 million since its founding in 2017.
Ro will use the newly raised capital to construct out expertise to deal with healthcare entry and affordability challenges confronted by sufferers, the corporate mentioned.
Ro plans to supply distant affected person monitoring with built-in gadgets for persistent illness administration, pressing care and at-home testing on its platform within the close to future. The corporate additionally plans to double the scale of its engineering group.
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Ro operates three on-line well being clinics—Roman for males, Rory for ladies and Zero for habit therapy—and the corporate has seen large progress throughout all its companies throughout the COVID-19 pandemic, Zachariah Reitano, co-founder and CEO of Ro, instructed Fierce Healthcare final month.
Between all three clinics, Ro now treats practically 20 situations together with sexual well being, weight reduction, dermatology and allergic reactions.
The corporate additionally has a community of pharmacies for prescription and residential supply. Throughout the pandemic, the corporate expedited the launch of Ro Pharmacy, an internet mail-order pharmacy that gives 500 of the most typical drugs for $5 monthly.
Ro has facilitated greater than 5 million digital healthcare visits for sufferers in practically each county within the U.S., together with 98% of main care deserts, in accordance with the corporate.
“Each single particular person deserves high-quality, inexpensive healthcare. At Ro, we consider the one manner to do that is by placing sufferers on the heart of their care and constructing expertise to empower suppliers to do what they do finest—assist individuals,” Reitano mentioned in an announcement.
“This new funding will additional our mission to turn out to be each affected person’s first name. We’ll proceed to spend money on our vertically-integrated healthcare ecosystem, from our Collaborative Care Heart to our nationwide pharmacy working system. That is only the start of Ro’s patient-centered healthcare platform,” he mentioned.
“Telehealth firms like Ro are utilizing expertise to deal with long-standing healthcare disparities which have been exacerbated by COVID-19,” mentioned Joycelyn Elders, M.D., Ro’s medical adviser and former U.S. surgeon common, in an announcement.
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“By empowering suppliers to leverage their abilities as effectively and successfully as potential, Ro delivers inexpensive, high-quality care no matter a affected person’s location, insurance coverage standing, or bodily entry to physicians and pharmacies,” Elders mentioned.
The startup has continued to increase its healthcare companies previously yr.
In December, Ro launched a prescription weight administration product on its platform by a partnership with biotechnology firm Gelesis.
In June, the corporate introduced a partnership with Ribbon Well being to allow telehealth sufferers to have a extra handy approach to entry in-person care by leveraging Ribbon’s nationwide listing of healthcare suppliers.
Throughout the pandemic, Ro additionally rolled out a nationwide COVID-19 telehealth screening and session service.
RELATED: Amwell lands near $200M in funding to maintain up with demand for telehealth
Telehealth firms are having an enormous second because the COVID-19 pandemic drove sufferers to hunt digital care to keep away from stepping foot in a health care provider’s workplace.
Buyers poured $1.7 billion into the telehealth sector within the first half of 2020, main financing exercise for the primary half of 2020’s file $6.three billion in digital well being funding, in accordance with a latest Mercom Capital Group report.
Telehealth firm Amwell scored $194 million in a sequence C funding spherical in May, and competitor Physician on Demand banked $75 million in sequence D financing led by Common Atlantic.
Tyto Care, which offers an at-home medical examination and telehealth system equipment, raised $50 million in its newest funding spherical in April.
San Francisco-based Carbon Well being, a technology-enabled main care supplier that blends in-person and digital care companies, additionally not too long ago landed $28 million in funding.