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- Alto Pharmacy
Alto Pharmacy Acquisition, Valuation, Funding & Investors
Alto Pharmacy was acquired by Fuze Health in May 2025.
Alto Pharmacy acquisition price
Undisclosed
Acquired by Fuze Health · May 2025
Cumulative funding Alto Pharmacy raised
$644M
across 7 funding rounds
Key investors in Alto Pharmacy
Jackson Square Ventures
Greenoaks
Justin Mateen
SoftBank Group
Hack VC
What If Ventures
Olive Tree Capital
Esas Ventures
About Alto Pharmacy
Alto Pharmacy is a San Francisco-headquartered digital pharmacy delivering medications via purpose-built technology and pharmacist consultations. It operates in 12 markets including California, New York, and Florida, fulfilling prescriptions for chronic conditions through an app with auto-refills and 24/7 support. Founded in 2015, Alto Pharmacy has processed over three million orders, achieving an NPS of 86 by partnering with health systems like One Medical.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales, Subscription
Valuation
$800M (Sep 2023)
Alto Pharmacy Acquisition
Alto Pharmacy was acquired by Fuze Health for an undisclosed price on 21 May 2025.
Before the acquisition Alto Pharmacy had raised $644M across 7 funding rounds.
Alto Pharmacy, a San Francisco-based digital pharmacy specializing in technology-enabled services including same-day home medication delivery, nationwide fertility treatments, and women's health offerings via its AI-optimized Alto Technologies platform, was acquired by Fuze Health in May 2025. Fuze Health, formed from the 2024 merger of Truepill (virtual pharmacy) and LetsGetChecked (home health screening) under Paulus Holdings Limited, an Irish private holding company, integrates Alto to create a comprehensive healthcare ecosystem spanning diagnostics, virtual care, pharmacy fulfillment, and patient support. The acquisition, announced on May 21, 2025, expands Fuze's pharmacy capabilities, enabling broader digital offerings for employers, health plans, providers, and consumers while addressing inefficiencies in U.S. healthcare through personalized, home-based care. The deal aligns strategically as Fuze builds an end-to-end platform for lab testing, diagnosis, medication delivery, and 24/7 virtual support, with Alto enhancing women's health services and operational scale via its 14 nationwide pharmacy locations and Central Pharmacy Fill model. Transaction details remain undisclosed publicly, though a separate Oregon Health Authority filing in April 2025 noted Paulus planned a $1-1.5 billion acquisition of Alto, positioning it as a wholly owned subsidiary without expected changes to services or workforce. Alto CEO Alicia Boler Davis emphasized expanded access for specialized needs, while investors like Samudra Pacific highlighted Alto's evolution from a patient-first innovator to a national leader now amplifying Fuze's ecosystem in a shifting pharmacy benefits landscape.
| Acquirer | Date | Type |
|---|---|---|
| 21 May 2025 | Strategic M&A |
Alto Pharmacy Valuation
Alto Pharmacy is currently valued at $800M, based on its Series F in September 2023.
The $120M round included GDP Venture, FJ Labs, Anchor Capital GP and What If Ventures.
Alto Pharmacy's valuation has moved from $1B at its Series D in January 2020 to $800M in September 2023, across 3 priced rounds.
Alto Pharmacy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2023 | Series F | $800M |
| Jan 2022 | Series E | $1.7B |
| Jan 2020 | Series D | $1B |
Alto Pharmacy Funding History
Alto Pharmacy has raised a total of $644M across 7 funding rounds.
Alto Pharmacy's first fundraising round was a $600K seed round in June 2015. The most recent completed round was a $120M Series F in September 2023.
Alto Pharmacy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2023 | Series F | GDP Venture; FJ Labs; Anchor Capital GP; What If Ventures | $120M | $800M | Alto Pharmacy is an online pharmacy providing a digital platform for prescription delivery and patient care. On September 25, 2023, it raised $120 million in a funding round valuing the company at $800 million post-money, as confirmed by the company to Axios and reported by BuiltInSF. This round came after a previous $250 million raise in 2020 that valued it over $1 billion and a 2022 acquisition of NowRx, with the company now exploring further acquisitions. This funding reflects a down round amid economic pressures on late-stage startups. |
| Jan 2022 | Series E | SoftBank Group (lead); Madryn Asset Management; Sand Hill Angels; Flucas Ventures; What If Ventures; The Ultima Ventures | $200M | $1.7B | Alto Pharmacy is a digital pharmacy startup founded in 2016, offering tech-enabled prescription delivery with lower costs and free same-day service, targeting the $500 billion retail pharmacy industry. It provides on-call help via text or chat, achieving high customer satisfaction with a Net Promoter Score of 86, comparable to top brands like Tesla and Apple, versus negative scores for traditional chains. By January 2022, Alto had expanded to 12 major U.S. markets including New York, Los Angeles, Denver, Dallas, and Seattle, and delivered over one million prescriptions. On January 27, 2022, Alto Pharmacy raised approximately $200 million in an oversubscribed Series E funding round led by SoftBank Vision Fund, with participation from other investors. This followed a $250 million Series D in February 2020, also led by SoftBank, bringing total funding to over $550 million. The round supported continued growth and market leadership in digital pharmacy amid rising demand for virtual care post-pandemic. The company had previously explored but abandoned a SPAC merger. At the time of the Series E, Alto reported over $700 million in annual revenue run rate, more than doubling year-over-year from the prior 12 months. It had more than doubled revenue in the last year per external reports and secured deals like exclusive provision of COVID-19 antivirals for New York City. |
| Jan 2020 | Series D | SoftBank Group (lead); Greenoaks; Esas Ventures; Jackson Square Ventures; Olive Tree Capital; LIAN Group; Zola Global Investors; Cem Garih | $250M | $1B | Alto Pharmacy, founded in 2015 as ScriptDash and rebranded in 2017, is a digital pharmacy and medicine delivery platform that offers free same-day prescription delivery, pharmacy management software, and provider platforms for insurance coordination and prior authorizations. The company operates a tech-enabled business model serving patients through a mobile app and healthcare providers through EHR system integration. In January 2020, Alto closed a Series D funding round led by SoftBank Vision Fund II with $250 million in new capital, valuing the company at over $1 billion post-money. Prior investors Greenoaks Capital and Jackson Square Ventures also participated in the round, alongside other backers. This investment marked SoftBank Vision Fund II's first significant pharmacy sector investment and the beginning of the fund's broader foray into consumer healthcare. At the time of the Series D, Alto was operating in multiple geographic markets including the San Francisco Bay Area, Los Angeles, Orange County, Denver-Boulder, Las Vegas, Seattle, San Diego, and Sacramento, having raised over $350 million cumulatively. The company competed in a growing digital pharmacy space alongside Amazon-owned PillPack and other direct-to-consumer pharmacy platforms, positioning itself as a provider-integrated solution for prescription management and chronic care delivery. |
| Dec 2018 | Series C | Greenoaks (lead); Zola Global Investors (lead); Esas Ventures; Jackson Square Ventures; Olive Tree Capital; Justin Mateen; Nimble Ventures; DNA Capital; Cem Garih | $50M | - | Alto Pharmacy, a San Francisco-based digital pharmacy founded in 2015, raised $50 million in a Series C funding round on December 5, 2018, led by Zola Global and Greenoaks Capital, with participation from Jackson Square Ventures, Olive Tree Capital, and others including Cem Garih, DNA Capital, Esas Ventures, Justin Mateen, Nimble Ventures, and Olive Tree Capital. This brought total funding to $73 million. The funding supports geographic expansion beyond San Francisco, Los Angeles, and Orange County to markets like Colorado and the East Coast, as well as new products for chronic conditions including diabetes, heart disease, rheumatoid arthritis, alongside existing specialties in dermatology, fertility, biologics, and HIV. Alto offers same-day free prescription delivery seven days a week, cost transparency, in-app and phone support, and faster insurance coordination. Its provider platform and pharmacy management software reduce administrative burdens for physicians and insurers. Alto has partnered with Stanford, UCSF, One Medical, and over 10,000 providers, serving over 50,000 patients in California with improved drug adherence and health outcomes. The company operates one fulfillment center equivalent to 400 chain pharmacies, acquired Round Health's assets in 2017, and plans clinical trials to validate its model. |
| Jun 2017 | Series B | Greenoaks (lead); Jackson Square Ventures; Y Combinator; Justin Kan; Daniel Kan; Hack VC; DST Global; Meritech Capital Partners | $17M | - | Alto Pharmacy, founded in 2015 as ScriptDash and rebranded in 2017, operates as a digital pharmacy providing same-day prescription delivery and related services. The company raised $17 million in its Series B round in June 2017, led by Greenoaks with participation from Jackson Square Ventures and Meritech Capital. This followed a $6 million Series A in June 2016 and a $600,000 seed round in June 2015. The funds supported strengthening operations and R&D for pharmacy automation tools. |
| Jun 2016 | Series A | Jackson Square Ventures (lead); CSC Upshot; Justin Mateen; Hack VC | $6M | - | Alto Pharmacy, founded in 2015 by Jamie Karraker and Mattieu Gamache-Asselin, is a digital pharmacy startup that delivers prescriptions to patients with free same-day delivery and access to pharmacists. The company raised $6 million in a seed round in June 2016 with investors including Jackson Square Ventures, CSC Upshot, Hack VC, and others. The post-money valuation for this early seed funding round was not publicly disclosed. Alto subsequently grew into a venture-backed unicorn, eventually being acquired by Paulus Holdings in March 2025 after raising over $670 million across multiple funding rounds and achieving significant scale with billions in revenue. |
| Jun 2015 | Seed | Travis VanderZanden; E-Merge; Tyler Mateen; Palapa Ventures; Justin Mateen; Soma Capital; Bantam Group; Nick Raushenbush; Chrys Bader-Wechseler | $600K | - | - |
Who has invested in Alto Pharmacy?
34 investors have backed Alto Pharmacy across its funding rounds, including Jackson Square Ventures, Greenoaks, Justin Mateen, SoftBank Group, Hack VC and What If Ventures.
Lead investors include SoftBank Group, Greenoaks, Zola Global Investors and Jackson Square Ventures.
Alto Pharmacy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jun 2016 | ||
| 3 | Lead | Jun 2017 | ||
| 3 | Participant | Jun 2015 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Lead | Jan 2020 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Lead | Dec 2018 | ||
| 2 | Participant | Jan 2022 | ||
| 2 | Participant | Jun 2016 | ||
| 2 | Participant | Dec 2018 | ||
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Participant | Jun 2015 | ||
This data is available for Pro users. Sign up to see all 34 Alto Pharmacy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Alto Pharmacy
Alto Pharmacy has acquired 2 companies to date.
Last acquisition by Alto Pharmacy was on November 30th 2022. Alto Pharmacy acquired NowRx for undisclosed valuation.
Latest Acquisitions by Alto Pharmacy
| Description | NowRx is a technology-driven pharmacy utilizing robotics, AI, proprietary QuickFill v3.5 software, and last-mile logistics for same-day prescription delivery. Certified by Surescripts, the system connects to 1.5 million U.S. physicians from DEA-certified micro-fulfillment centers, having delivered over 200,000 medications to more than 28,000 customers by July 2020 via nowrx.com. | Round Health is a San Francisco-based mobile application developer offering medication adherence tools for chronic disease patients. The app delivers personalized reminders via push notifications, tracks pill intake with photo verification, and shares reports with physicians through EHR integrations. Available on iOS and Android, it connects to pharmacies like CVS for refill alerts. Launched in 2018, Round Health serves users managing diabetes and hypertension. |
| HQ Country | ||
| HQ City | San Francisco, CA | San Francisco, CA |
| Deal Date | 30 Nov 2022 | 23 Aug 2017 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Alto Pharmacy acquisitions and their M&A valuation multiples. Start Free Trial | ||
Alto Pharmacy Competitors
Alto Pharmacy competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Helian Health, DocPlanner, NexHealth and UpStream Care.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $900M | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $44M | $5M | $482M | - | ||
| Publicly listed | $236M | $32M | $459M | 1.8x |
Alto Pharmacy Public Comps
Alto Pharmacy is no longer listed, but its public comps include Sphere, B-Soft Co., Hangzhou Pinming Software, Talkspace, MedicalSystem Technology, HealthStream, Phreesia, Craneware, Weave Communications and iFLYHealth.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $70M | $6M | 14.3x | 6.9x | 156.3x | 103.0x | |||
| $157M | ($37M) | 4.7x | 4.8x | (20.0x) | (20.0x) | |||
| $65M | $8M | 12.5x | 11.9x | 100.2x | - | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
| $304M | $63M | 2.8x | 2.6x | 13.2x | 11.2x | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
| $206M | $59M | 2.8x | 2.7x | 9.7x | 8.7x | |||
This data is available for Pro users. Sign up to see all Alto Pharmacy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Alto Pharmacy
| When was Alto Pharmacy founded? | Alto Pharmacy was founded in 2015. |
| Where is Alto Pharmacy headquartered? | Alto Pharmacy is headquartered in San Francisco, CA, United States. |
| Is Alto Pharmacy publicly listed? | No, Alto Pharmacy was acquired by Fuze Health in May 2025. |
| Who acquired Alto Pharmacy? | Alto Pharmacy was acquired by Fuze Health in May 2025. |
| What is Alto Pharmacy's valuation? | Alto Pharmacy was last valued at $800M in its Series F in September 2023. |
| How much funding has Alto Pharmacy raised? | Alto Pharmacy has raised $644M across 7 funding rounds. |
| What was Alto Pharmacy's last funding round? | Alto Pharmacy's last funding round was a $120M Series F in September 2023. |
| Who are Alto Pharmacy's investors? | Alto Pharmacy's investors include Jackson Square Ventures, Greenoaks, Justin Mateen, Esas Ventures, SoftBank Group, Olive Tree Capital, Zola Global Investors, What If Ventures, Hack VC, Cem Garih and 24 others. |
| Which companies are comparable to Alto Pharmacy? | Companies comparable to Alto Pharmacy include Helian Health, DocPlanner, NexHealth, UpStream Care, Guiyang Longmaster and Medley Inc.. |
| How many companies has Alto Pharmacy acquired? | Alto Pharmacy has acquired 2 companies, including NowRx and Round Health. |
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