Telehealth unicorn Ro pulled in $150 million to fuel its continued growth in online and in-person care, bringing the startup’s total funding to over $1 billion since its 2017 launch.
The round boosted Ro’s valuation to $7 billion, up from its previous valuation of $5 billion, Bloomberg reported.
The direct-to-patient startup has seen over 1.5 million patients in the past five years—more than 500,000 new patients in the last year alone—and facilitated over 8 million virtual visits.
“With this funding, Ro can accelerate our pursuit of revolutionizing healthcare by building accessible, impactful, and trusted care that people want,” said co-founder and CEO Zachariah Reitano in a statement. “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.”
ShawSpring Partners led the inside round, joined by General Catalyst, FirstMark Capital TQ Ventures, SignalFire, BoxGroup, the Chernin Group, Initialized Capital, Altimeter Capital, Baupost Group and Seven Seven Six.
The company last raised $500 million in a March series D round.
Alongside the funding news, Ro announced the launch of its own digital skincare clinic, Ro Derm, designed to provide customized dermatology telehealth visits and treatments.
The offering follows in the footsteps of the startup’s digital mental health clinic Ro Mind and online pharmacy Ro Pharmacy.
Ro Pharmacy saw 150% revenue growth in 2021, according to the company, and brought more than 700 new medications to its formulary.
The startup also plans to launch an online and mobile platform this year to give patients access to all of Ro’s offerings, addressing mental health, women’s health, men’s health, fertility, metabolic health and skincare.
Ro has acquired multiple startups in the past year to tack on additional offerings, including at-home diagnostics company Kit and women’s health startup Modern Fertility.
Reitano wrote in a blog post about the funding round that while the company continues to expand its services, there’s still work to be done, noting the startup’s lack of remote patient monitoring tools and male factor semen analysis among potential future areas of focus.
“We can’t do so much of what we want to do for patients, and it won’t all happen tomorrow. We don’t even have a mobile app,” he wrote.
But the new infusion of capital will help the startup build upon its past acquisitions and expand into more specialties. Reitano told Bloomberg that Ro may also use some of the funding for further investments.