At a time when telehealth is at the forefront due to the coronavirus pandemic, telehealth start-up Ro said Monday that it was valued at $1.5 billion after the closure of a $200 million C series led by existing investor General Catalyst.
While many medical practices closed due to non-elective procedures and appointments during coronavirus closures, telehealth has been strengthened: Forrester Research analysts expect telehealth appointments to exceed international one billion by the end of 2020, and Frost-Sullivan analysts will. Then. 64% accumulating in the United States alone.
Ro’s C Series financing cycle included significant participation from existing investors FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L and BoxGroup as the first investor The Chernin Group and, with this new round, Ro’s team has raised a total of $376 million since the company’s inception in 2017.
Ro operates 3 virtual fitness clinics in the United States: Roman for Men’s Health, Rory for Women’s Health and Zero for Smoking Cessation and says that among the 3 product offerings it offers, they cover approximately 20 conditions, adding sexual fitness, weight loss, dermatology and allergies. .
Ro quietly introduced Ro Pharmacy, its cash payment pharmacy, to existing consumers in April and offers more than 500 generic drugs for $5 depending on the month for the drug.
Patients use the company’s virtual platform to join a “care team” that includes a doctor or licensed nurse practitioner in the United States, appointments are not covered by insurance, a scale at prices of $15, which according to Ro is less than many copayments.
Ro told Forbes that it planned to generate $2.5 billion in cash by 2020 based on its existing execution rate, a benefit forecast approach based on existing monetary performance, and that it had facilitated more than five million virtual physical care visits for patients in almost every country. 98% of the deserts of attention number one.
CEO and co-founder Zachariah Reitano told Forbes that he and co-founders Saman Rahmanian and Rob Schutz were motivated by a non-public desire because co-founders and their families had physical fitness issues. Reitano says each and every member of his family circle has had a life-threatening illness. He says the company will use the new investment to provide short-term or long-term remote patient tracking with built-in chronic disease management devices, emergency care, and home testing on its platform. You will also use cash to rent to more team members. Recently, Ro has about 250 employees, totaling 70 to 100 engineers, and plans to double its engineering team.
Reitano, now 29, winner of Forbes 30 Under 30 2020 in the health care category. It was included in the Big Money list that highlights the founders of the 20 under-30 categories who have raised more than $15 million. Ro the best funded startup on the list.
Ro is now a unicorn, a company worth a billion dollars or more. There are more than 400 unicorn corporations in the world, according to CB Insights.
$3.6 billion. Spending on U.S. physical care reached that amount in 2018, or about $11,172, according to knowledge of National Health Spending Accounts.
Disclosure: Forbes Media has a small one in Ro.
30 Less than 30 2020 (Forbes)
Meet the top 30 Funded 2020 Forbes 30 Under 30 (Forbes)
I’m a journalist at Forbes and what’s next? Your five-year plan for life after college, published through Simon and Schuster, Adams Media. I have a
I’m a journalist at Forbes and what’s next? Your five-year plan for life after college published through Simon and Schuster, Adams Media. I have a master’s degree in journalism from Columbia University.