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Ro Lands $ 500 Million To Strengthen Vertically Integrated Primary Care Platform

Healthcare technology company Ro has secured $ 500 million in Series D funding.

The Series D round was led by existing investors General Catalyst, FirstMark Capital and TQ Ventures. Existing investors SignalFire, Torch Capital and Box Group also participated in the round.

New investors included Altimeter Capital, Baupost Group, Dragoneer Investment Group, ShawSpring Partners, Radcliff, and 776.

Headquartered in New York, Ro’s business model is a vertically integrated primary care platform that leverages everything from home diagnostic testing to continuous care. The 2021 multi-faceted Ro is very different from the company’s version just a few years ago, which was launched with a model similar to Hims & Hers Health Inc.

Zachariah Reitano, co-founder and CEO of Ro, told Home Health Care News: “This unique combination gives Ro more access to care and allows Ro to meet patients in the most convenient and safe place for them, both online and at home.”

Since its inception in 2017, Ro has raised $ 876 million.

According to Reitano, Ro has allocated this latest round of funding for a number of initiatives.

“We are moving the future faster by investing in a vertically integrated primary care platform to provide high quality, affordable healthcare to as many patients as possible, virtually or at home. “He said. “We will expand our pharmacy distribution network, continue to strengthen our own EMR, build new features such as remote patient monitoring, and expand into additional therapeutic areas that leverage home and diagnostic capabilities.”

Reitano considers its service to be particularly important in the COVID-19 emergency.

“Today, virtual care is considered essential care. Now [often] Many patients are embarking on a healthcare journey in the first place, “he said. “But telemedicine is limited and it is not possible to draw blood or administer vaccines remotely. Instead of asking patients to visit a doctor’s office or laboratory in home care, patients in home care Meeting with removes many barriers that can make it difficult or risky for patients to receive the care they need, especially during pandemics. “

Along these lines, Ro recently Alliance We worked with the New York State Department of Health to provide home vaccinations for the elderly.

Vaccination efforts are underway across the country, but older people and other vulnerable people often face challenges in accessing vaccines. Traveling to vaccination sites and retail pharmacies can be difficult for older people living at home with chronic illnesses and other risk factors.

“In New York alone, there are more than 3 million older people who may find it difficult or unsafe to leave home,” Reitano said. “As part of Ro’s COVID-19 vaccine drive, each recipient will automatically schedule a second dose, receive information about the vaccine and potential side effects, and benefit from access to Ro’s nurse hotline. receive.”

Overall, about 2 million older people are permanently at home, according to the American Academy of Home Care Medicine.

Earlier this year, Ro was in talks to announce through a merger with a special-purpose acquisition company (SPAC), according to Reuters.

In general, SPACs replace the traditional route of publishing. SPAC raises funds through an IPO and looks for acquisitions. When the merger is completed, the target will be listed shares.

At the time, the deal was rumored to value Ro over $ 4 billion, Reuters reported.

Ro operates nationwide and serves patients in all states, Washington, DC, and almost every county in the United States. To date, Ro has facilitated more than 6 million digital healthcare visits. The recent acquisition, Workpath alone, had more than 100,000 home visits last year, according to a Ro spokeswoman.

Ro Lands $ 500 Million To Strengthen Vertically Integrated Primary Care Platform

Source link Ro Lands $ 500 Million To Strengthen Vertically Integrated Primary Care Platform

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