Ro Revenue, Valuation, Funding & Investors

Ro is valued at $7B as of February 2022. Ro revenue was $250M, as disclosed with its July 2020 round.

See full Ro profile

Last Ro valuation

$7B

Undisclosed stage · Feb 2022

Last Ro funding round

$150M

Undisclosed stage · Feb 2022

Ro revenue

$250M

Series C · Jul 2020

Key investors in Ro

  • General Catalyst
  • BoxGroup
  • FirstMark
  • Initialized Capital
  • SignalFire
  • TQ Ventures

Ro Overview

About Ro

Ro is a New York City-based telehealth company that combines online physician consultations, its own pharmacy, laboratory testing and in-home care, with patients paying without insurance. Zachariah Reitano, Saman Rahmanian and Rob Schutz founded it in October 2017 as Roman, an erectile dysfunction service, and it has since added services for women's health, weight management and fertility. Its prescriptions include GLP-1 obesity medicines, and it works with Eli Lilly (Zepbound vials through LillyDirect, December 2024) and Novo Nordisk (the Wegovy pill, January 2026). Sacra estimates revenue of $360 million in 2023 and $598 million in 2024, up 66 percent. Ro earns revenue from telehealth visits and from prescriptions and products fulfilled through its pharmacy network. It has raised about $1 billion of primary capital, most recently $150 million in February 2022 at a $7 billion valuation led by ShawSpring Partners. Acquisitions include Workpath (December 2020), Modern Fertility (2021, more than $225 million) and Kit (2021).


Founded

2017

HQ

United StatesNew York City, NY

Website

ro.co

Status

Privately held

Customer focus

B2C

Revenue model

Services, Product sales

Revenue

$250M (Jul 2020)

Valuation

$7B (Feb 2022)

Ro Valuation

Ro is currently valued at $7B, based on its undisclosed-stage round in February 2022. Read the announcement ↗

The $150M round was led by ShawSpring Partners, with participation from General Catalyst, SignalFire, FirstMark, BoxGroup, TCG and 5 other investors.

Ro's valuation has grown 14x from $500M at its Series B in April 2019 to $7B in February 2022, across 4 priced rounds.

Ro valuation by funding round

Revenue multiple
Ro valuation by funding round
DateStageValuationRevenue Multiple
Feb 2022Undisclosed stage$7B-
Mar 2021Series D$5B-
Jul 2020Series C$1.5B6.0x
Apr 2019Series B$500M-

Ro Revenue

Ro's latest recorded revenue is $250M, as of its Series C in July 2020. At a $1.5B valuation, that implies a 6.0x revenue multiple.

Ro revenue by funding round

Ro revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2020$250M$1.5B6.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Ro Funding History

Ro has raised a total of $1B across 6 funding rounds.

Ro's first fundraising round was a $3M seed round in November 2017. The most recent completed round was a $150M undisclosed-stage round in February 2022.

Ro funding rounds

Ro funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Undisclosed stageShawSpring Partners (lead); General Catalyst; SignalFire; FirstMark; BoxGroup; TCG; The Baupost Group; Seven Seven Six; Initialized Capital; Altimeter Capital; TQ Ventures$150M$7BRo, a telehealth unicorn providing nationwide telemedicine, in-home care, diagnostics, labs, and pharmacy services, raised $150 million in an extension to its Series D round on February 15, 2022, exclusively from existing investors led by ShawSpring Partners, with participation from FirstMark Capital, General Catalyst, Seven Seven Six, BoxGroup, Altimeter Capital, Baupost Group, Initialized, TQ Ventures, and The Chernin Group. The round boosted the company's post-money valuation from $5 billion (set in its prior $500 million Series D in March 2021) to $7 billion, signaling confidence from current backers amid operational challenges and employee churn. Ro plans to use the funds to integrate services into a unified patient experience, advance B2B offerings, and expand direct-to-patient care, including launching Ro Derm for dermatology. In the year leading up to the round, Ro pursued aggressive growth through acquisitions, including Workpath, Kit, and Modern Fertility, and was in talks to acquire at-home sperm storage startup Dadi for around $100 million to fill gaps like male factor semen analysis. The company has diversified beyond men's health (its Roman brand), with non-Roman revenue growing 100% year over year and Ro Pharmacy achieving 150% revenue growth in 2021 while expanding its formulary to over 1,000 generic medications. This inside round, smaller than the previous one, reflects a strategic push to revolutionize patient-centric healthcare despite industry pressures and regulatory complexities in telehealth. Ro's total funding reached over $1 billion across multiple rounds, positioning it as a key player in technology-driven healthcare alongside investors like ShawSpring Partners, which focuses on long-term bets in tech, consumer, and healthcare sectors. Key challenges include seamless service integration, maintaining care quality during expansion, and navigating telehealth regulations.
Mar 2021Series DFirstMark (lead); General Catalyst (lead); TQ Ventures (lead); ShawSpring Partners; Dragoneer; Torch Capital; SignalFire; BoxGroup; The Baupost Group; Seven Seven Six; Altimeter Capital$500M$5BRo announced a $500 million Series D on 23 March 2021 at a $5 billion valuation, led by existing investors General Catalyst, FirstMark Capital and TQ Ventures. Existing investors SignalFire, Torch Capital and BoxGroup participated, as did new investors Altimeter Capital, Baupost Group, Dragoneer Investment Group, ShawSpring Partners, Radcliff and 776. The round brought the total raised since 2017 to $876 million. Ro runs a vertically integrated platform that combines telemedicine, a pharmacy network, diagnostics and in-home care for patients who pay without insurance. It had acquired Workpath in late 2020 and bought Modern Fertility and Kit during 2021. The company's chief executive and co-founder is Zachariah Reitano. The round remains Ro's largest single financing.
Jul 2020Series CGeneral Catalyst (lead); Torch Capital; SignalFire; FirstMark; BoxGroup; 3L Capital; TCG; Initialized Capital; TQ Ventures$200M$1.5BRo, a direct-to-consumer telehealth company founded in 2017, operates digital clinics including Roman for men's health (initially focused on erectile dysfunction and hair loss), Rory for women's health, and Zero for smoking cessation and addiction treatment. It also runs Ro Pharmacy, offering over 500 generic medications for $5 per month, and has expanded into areas like dermatology, allergies, weight loss, and chronic condition management. The platform emphasizes affordable, accessible care independent of insurance, with features like remote patient monitoring, at-home testing, urgent care, and a national pharmacy network. On July 27, 2020, Ro raised $200 million in a Series C funding round led by General Catalyst, with participation from FirstMark Capital, Torch Capital, SignalFire, TQ Ventures, Initialized Capital, 3L Capital, BoxGroup, and new investor The Chernin Group (noted as TCG). This brought total funding to $376 million since inception. The post-money valuation reached $1.5 billion, tripling from the prior $500 million Series B valuation in April 2019. Funds were allocated to double the engineering team, hire more doctors and nurses, and expand into remote monitoring, diagnostics, chronic care, and urgent care services. At the time of the round, Ro reported generating $250 million in annual revenue and had facilitated five million doctor-patient interactions. The company competed with players like Hims (eyeing a $1 billion public valuation) in the booming telehealth sector, which saw nearly $1.9 billion in VC funding in H1 2020 amid rising demand for virtual care.
Apr 2019Series BFirstMark (lead); Torch Capital; 3L Capital; Sand Hill Angels; J Ventures; Jonathan Keidan; Gaingels; TQ Ventures$85M$500MRo, the New York telehealth company behind the Roman, Rory and Zero brands, raised an $85 million Series B in April 2019 that valued it at about $500 million, as TechCrunch first reported on 15 April and Hoodline covered on 16 April. FirstMark Capital, which had led the $88 million Series A in September 2018, financed the round, and earlier backers included SignalFire, Initialized Capital, General Catalyst, Slow Ventures, Torch Capital, BoxGroup and Tusk Ventures. Roman treats erectile dysfunction, Rory addresses women's health and Zero targets smoking cessation, and the company describes each as an end-to-end vertical. The company was founded in 2017 and raised the Series B seven months after the Series A. It went on to raise a $200 million Series C at a $1.5 billion valuation in July 2020. Neither source identified every participant in the round.
Sep 2018Series AFirstMark (lead); General Catalyst; Torch Capital; SignalFire; Tusk Venture Partners; Slow Ventures; BoxGroup; Initialized Capital$88M-Ro, formerly Roman, is a New York-based telehealth platform founded in 2017, initially focused on men's health issues like erectile dysfunction through an online service offering telemedicine consultations, prescriptions, and direct medication delivery without insurance. In September 2018, it raised $88 million in a Series A round led by FirstMark Capital, with participation from SignalFire, Initialized Capital, General Catalyst, Slow Ventures, Sinai Ventures, Torch Capital, BoxGroup, Tusk Ventures, and angels, bringing total funding to $91.1 million including a prior $3.1 million seed. The round coincided with the launch of Zero, a smoking cessation service providing nicotine gum, bupropion, and an app for $129 monthly, expanding beyond ED. At the time, Ro reported unprecedented growth of 720% since January 2018, a revenue run-rate in the tens of millions, and over 1 million patient-physician interactions via its portal. The funding aimed to build out its pharmacy, backend infrastructure including electronic medical records, and launch new verticals like women's health over 2-3 years. FirstMark's Rick Heitzmann and Initialized's Alexis Ohanian joined the board. Ro competed in the direct-to-consumer telehealth space against players like Hims, which had raised $97 million by then. The company emphasized its full-stack approach to rebuild healthcare experiences.
Nov 2017SeedGeneral Catalyst (lead); Forbes Media; Philip Krim; Slow Ventures; BoxGroup; Initialized Capital; Prehype; Liz Wessel; Scott Belsky$3M-Roman, the men's health service that later became Ro, announced a $3.1 million seed round in late October 2017, led by General Catalyst with participation from Initialized Capital, BoxGroup and Slow Ventures. Its angel investors included the chief executives and partners of Casper, Bark, WayUp, Codecademy, Behance, PillPack, Y Combinator, Forbes and Prehype, and press coverage described Roman as one of the first two start-up investments made by the publisher Forbes. Roman launched by offering erectile dysfunction treatment online, covering diagnosis through medication delivery, and it targeted the roughly 30 million American men affected. The company was founded in 2017 by Zachariah Reitano, Saman Rahmanian and Rob Schutz in New York. The founders argued that only about 30 percent of men with the condition get treatment and that most Viagra bought online is counterfeit. An $88 million Series A led by FirstMark Capital followed in September 2018.

Who has invested in Ro?

25 investors have backed Ro across its funding rounds, including General Catalyst, BoxGroup, FirstMark, Initialized Capital, SignalFire and TQ Ventures.

Lead investors include ShawSpring Partners, FirstMark, General Catalyst and TQ Ventures.


Ro Investors

Investors in Ro by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesCambridge, MA5LeadNov 2017
FirstMarkUnited StatesNew York City, NY5LeadSep 2018
BoxGroupUnited StatesNew York City, NY5ParticipantNov 2017
Torch CapitalUnited StatesNew York City, NY4ParticipantSep 2018
SignalFireUnited StatesSan Francisco, CA4ParticipantSep 2018
Initialized CapitalUnited StatesSan Francisco, CA4ParticipantNov 2017
TQ VenturesUnited StatesNew York City, NY4LeadApr 2019
ShawSpring PartnersUnited StatesBoston, MA2LeadMar 2021
Slow VenturesUnited StatesSan Francisco, CA2ParticipantNov 2017
3L CapitalUnited StatesLos Angeles, CA2ParticipantApr 2019
TCGUnited StatesLos Angeles, CA2ParticipantJul 2020
The Baupost GroupUnited StatesBoston, MA2ParticipantMar 2021
Seven Seven SixUnited StatesWest Palm Beach, FL2ParticipantMar 2021

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Acquisitions by Ro

Ro has acquired 4 companies to date.

Last acquisition by Ro was on March 1st 2022. Ro acquired Dadi for $100M.


Latest Acquisitions by Ro

Dadi
Kit.com
Modern Fertility
Workpath
Description
Dadi is a male fertility service offering at-home collection kits, sperm storage, and fertility reports for $99 initial fee plus $99 annual storage. It bypasses clinics to deliver direct-to-consumer analysis and cryopreservation in the United States.
Kit.com is a New York-based provider of at-home diagnostic kits for insurers and telehealth providers, delivering sample collection for STI testing, hormone panels, and chronic condition monitoring. Acquired by Ro in 2021, it ships FDA-cleared kits nationwide with prepaid return shipping and clinician-reviewed results via app. The service integrates with virtual care platforms for remote patient management.
Modern Fertility is a women's health company based in San Francisco, California. It provides at-home fertility testing kits measuring AMH, FSH, and estradiol levels via finger-prick samples shipped to CLIA-certified labs. Acquired by Hims & Hers in 2021, the service partners with Quest Diagnostics and educates users through personalized reports.
Workpath is a Richmond-headquartered software provider for mobile healthcare workforce management. Founded in 2015, its platform schedules on-demand and advance shifts for nurses and clinicians, dispatching via geolocation to ensure precise staffing in home health and hospice care.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
New York City, NY
San Francisco, CA
San Francisco, CA
Richmond, VA
Deal Date1 Mar 202230 Jun 202119 May 20218 Dec 2020
Valuation$100M$55M$225Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Ro

Ro has invested in 1 company to date.

Latest investment by Ro was on May 4th 2021. Ro invested in Pawp in their $13M Series A round.


Latest Investments by Ro

Pawp
Description
Pawp is a New York-headquartered telehealth platform for pets, launched in 2020. It connects owners with licensed veterinarians for unlimited 24/7 video consultations and includes an emergency fund for urgent care, streamlining access to professional advice nationwide.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date4 May 2021
RoundSeries A
Raised$13M
InvestorsMeyer Keith; Good Friends; Lux Capital; Michael Mignano; HOF Capital; Spacecadet Ventures; Eight Sleep; DCM Ventures
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Ro Competitors

Ro competitors include listed companies like Kooth and Nyxoah, and private ones like Sword Health, Noom, Pristyn Care and Calibrate.

Public and private companies comparable to Ro
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sword HealthPortugalLisbonPrivate$240M-$4B16.7x
NoomUnited StatesNew York City, NYPrivate$400M-$3.7B9.3x
Pristyn CareIndiaGurgaonPrivate$64M-$1.4B-
CalibrateUnited StatesNew York City, NYPrivate$21M-$1.3B61.9x
KoothUnited KingdomUnited KingdomPublicly listed$85M$13M$92M0.7x
NyxoahBelgiumBelgiumPublicly listed$11M($95M)$90M1.1x

Ro Public Comps

Ro is still privately-owned, but its public comps include Hims, Max Healthcare Institute, Oscar Health, Compass Pathways, Teladoc, JMDC, Alignment Healthcare, Ping An Healthcare, GoodRx and Helus Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hims$2.3B$178M3.1x2.3x40.1x24.0x
Max Healthcare Institute$865M$234M10.6x8.2x39.2x30.4x
Oscar Health$12B($391M)0.5x0.3x(14.7x)9.0x
Compass Pathways-($293M)--(4.2x)(6.0x)
Teladoc$2.5B$124M0.7x0.7x14.0x6.0x
JMDC$320M$87M5.1x4.6x18.9x17.9x
Alignment Healthcare$3.9B$45M0.3x0.2x24.5x9.7x
Ping An Healthcare$822M$52M0.7x0.7x10.4x14.6x

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Common questions about Ro

When was Ro founded?Ro was founded in 2017.
Where is Ro headquartered?Ro is headquartered in New York City, NY, United States.
Is Ro publicly listed?No, Ro is a private, VC-backed company.
What is Ro's valuation?Ro was last valued at $7B in its undisclosed-stage round in February 2022.
How much funding has Ro raised?Ro has raised $1B across 6 funding rounds.
What was Ro's last funding round?Ro's last funding round was a $150M undisclosed-stage round in February 2022, led by ShawSpring Partners.
Who are Ro's investors?Ro's investors include General Catalyst, FirstMark, BoxGroup, Torch Capital, SignalFire, Initialized Capital, TQ Ventures, ShawSpring Partners, Slow Ventures, 3L Capital and 15 others.
What is Ro's revenue?Ro's latest recorded revenue is $250M (July 2020).
What is Ro's revenue multiple?Ro's latest valuation implies a 6.0x revenue multiple ($1.5B valuation on $250M of revenue).
Which companies are comparable to Ro?Companies comparable to Ro include Sword Health, Noom, Pristyn Care, Calibrate, Kooth and Nyxoah.
How many companies has Ro acquired?Ro has acquired 4 companies, including Dadi, Kit.com, Modern Fertility and Workpath.
What was the largest acquisition by Ro?The $225M acquisition of Modern Fertility in May 2021 is the largest acquisition Ro has made to date.
How many companies has Ro invested in?Ro has invested in 1 company, including Pawp.
What was Ro's last investment?In May 2021, Ro invested in Pawp's $13M Series A alongside Meyer Keith, Good Friends, Lux Capital and 5 other investors.

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