This news comes on the heels of its Series E funding round. Ro intends to use the funding to expand its B2B offerings. Here are the top-line bullets you need to know.
Ro, a direct-to-patient healthcare provider, has raised $150M in a Series E. The round drew participation from ShawSpring Partners, General Catalyst, Altimeter Capital, and Seven Seven Six, among others.
How’s the company performing?
- New York-based Ro brings together telehealth, diagnostics, and pharmacy services in order to provide healthcare that doesn’t require insurance.
- The company’s offerings include Rory for women’s health, Roman for men’s health, Zero for smoking cessation, and online pharmacy Ro Pharmacy.
- Roman, its core business catering to erectile dysfunction, accounts for half of the firm’s revenue. However, revenue from its other lines of business has grown 150% year-over-year.
- Ro Pharmacy currently offers more than 1K generic medications and witnessed 150% revenue growth last year.
- The company has facilitated over 8M digital healthcare visits across the US since its launch in 2017.
- In 2021, it acquired Workpath, Modern Fertility, and Kit, and it is currently on track to acquire Dadi for $100M.
Source: Ro
Why does the market matter?
- The global digital health market is expected to reach a value of $426.9B by 2027, growing at a CAGR of 17.4%, according to Global Market Insights.
- Digital health companies raised $57.2B in VC funding in 2021, up 79% year-over-year (YoY). US digital health funding rose 75% YoY to reach $37.9B in 2021.
- The growing need to provide digital solutions and delivery models to patients during the pandemic has contributed to market growth.
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