Ro Revenue, Valuation, Funding & Investors
Ro is valued at $7B as of February 2022, a 11.7x multiple on its last reported $598M revenue.
Last Ro valuation
$7B
Undisclosed stage · Feb 2022
Last Ro funding round
$150M
Undisclosed stage · Feb 2022
Ro revenue
$598M
Undisclosed stage · Feb 2022
Key investors in Ro
FirstMark
TQ Ventures
General Catalyst
BoxGroup
Initialized Capital
Torch Capital
About Ro
Ro is a New York-headquartered telehealth company launched in 2017. The platform offers men's health treatments through Roman, women's health via Rory, weight management with Sequence, and fertility care under Ro Fertility. Ro integrates virtual consultations with licensed providers, at-home diagnostics, and direct medication delivery from FDA-approved pharmacies in all 50 states. Its infrastructure includes proprietary fulfillment centers in Tempe and Dallas processing millions of prescriptions annually. Ro expanded into primary care with Ro Mind for mental health and Ozlo for gastrointestinal treatments.
Founded
2017
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Services, Product sales
Revenue
$598M (Feb 2022)
Valuation
$7B (Feb 2022)
Ro Valuation
Ro is currently valued at $7B, based on its undisclosed-stage round in February 2022.
The $150M round was led by ShawSpring Partners.
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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Undisclosed stage | $7B | 11.7x |
| Mar 2021 | Series D | $5B | 8.4x |
| Jul 2020 | Series C | $1.5B | 6.0x |
| Apr 2019 | Series B | $500M | - |
Ro Revenue
Ro's latest recorded revenue is $598M, as of its undisclosed-stage round in February 2022. At a $7B valuation, that implies a 11.7x revenue multiple.
Revenue grew from $250M in July 2020 to $598M in February 2022, while the revenue multiple moved from 6.0x to 11.7x.
Ro revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $598M | $7B | 11.7x | Undisclosed stage |
| Mar 2021 | $598M | $5B | 8.4x | Series D |
| Jul 2020 | $250M | $1.5B | 6.0x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Undisclosed stage | ShawSpring Partners (lead) | $150M | $7B | Ro, 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 2021 | Series D | FirstMark (lead); General Catalyst (lead); TQ Ventures (lead) | $500M | $5B | Ro is a telehealth platform providing digital healthcare services including treatments for men's health (Roman brand), weight loss, hair loss, skincare, mental health, fertility, and diagnostics, combining telemedicine, in-home care, labs, and pharmacy fulfillment. In March 2021, Ro closed a $500 million Series D funding round led by FirstMark Capital, General Catalyst, and TQ Ventures at a $5 billion valuation, bringing total funding to around $1 billion and enabling expansion into new healthcare verticals and scaling operations. The round supported Ro's growth beyond its core erectile dysfunction business, which accounted for a significant portion of revenue at the time, toward diversified offerings like Ro Mind for mental health and Ro Derm for skincare. Post-round, Ro pursued acquisitions including Workpath for in-home care, Kit for diagnostics, and Modern Fertility, while expanding its pharmacy network to 10 fulfillment centers capable of nationwide two-day delivery. This funding focused on unifying patient experiences, advancing B2B offerings for health systems and other companies, and further diversification, with non-Roman revenue growing 100% year-over-year and Ro Pharmacy achieving 150% revenue growth in 2021. Ro has facilitated over eight million digital healthcare visits across nearly every U.S. county, including primary care deserts, and provides APIs like Workpath for in-home care and Kit for at-home testing to enterprise clients. |
| Jul 2020 | Series C | General Catalyst (lead); Torch Capital; SignalFire; FirstMark; BoxGroup; 3L Capital; TCG; Initialized Capital; TQ Ventures | $200M | $1.5B | Ro, 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 2019 | Series B | FirstMark (lead); Torch Capital; 3L Capital; Sand Hill Angels; J Ventures; Jonathan Keidan; Gaingels; TQ Ventures | $85M | $500M | Ro, founded in 2017 as a New York-based telehealth company (initially known for men's health brand Roman), raised $85 million in its Series B funding round on April 16, 2019, led by FirstMark Capital with participation from investors including 3L Capital, Gaingels, J Ventures, Jonathan Keidan, Sand Hill Angels, Torch Capital, and TQ Ventures. The round valued the company at a post-money valuation of $500 million, following a Series A of $88 million in September 2018 at $154 million valuation. Ro operates end-to-end verticals in personalized healthcare, including Roman for men's health (e.g., erectile dysfunction treatments), Rory for women's health, and Zero for addiction treatment like smoking cessation with kits including prescription medication and apps. The funding supported enhancing platform functionality, scaling operations, expanding service offerings, and increasing market reach amid rapid growth in the direct-to-consumer telehealth space. Prior to this round, Ro had raised about $91.1 million total, positioning it as a leader in cloud pharmacies and digital health clinics. Ro continued aggressive expansion post-Series B, raising $200 million Series C in 2020 at $1.5 billion valuation (led by General Catalyst), $500 million Series D in March 2021 at $5 billion, and additional rounds reaching $7 billion valuation by 2022 with total funding over $1 billion. The company focused on vertical integration, including online pharmacies in 22 states, remote patient monitoring, urgent care, chronic disease management, and proprietary electronic medical records, while hiring engineers and broadening into new treatment areas. |
| Sep 2018 | Series A | FirstMark (lead) | $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 2017 | Seed | General Catalyst (lead); Forbes Haffiz Bachok; Tusk Venture Partners; Philip Krim; Slow Ventures; BoxGroup; Initialized Capital; Prehype; Liz Wessel; Scott Belsky; TQ Ventures | $3M | - | Ro, a direct-to-consumer telehealth company founded in 2017, raised $3.1 million in a seed round in November 2017 led by General Catalyst, with participation from Initialized Capital, BoxGroup, Slow Ventures, and angel investors including Forbes Haffiz Bachok, Liz Wessel, Philip Krim, Prehype, Scott Belsky, TQ Ventures, and Tusk Venture Partners. The funds were used to launch the platform and begin offering telehealth services, initially focused on men's health under the Roman brand. This seed round marked Ro's entry into the digital health space, addressing stigmatized conditions like erectile dysfunction. Subsequent rounds included an $88 million Series A in September 2018 led by FirstMark Capital and an $85 million Series B in April 2019. |
Who has invested in Ro?
21 investors have backed Ro across its funding rounds, including FirstMark, TQ Ventures, General Catalyst, BoxGroup, Initialized Capital and Torch Capital.
Lead investors include ShawSpring Partners, FirstMark, General Catalyst and TQ Ventures.
Ro Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 4 | Lead | Sep 2018 | |
| New York City, NY | 4 | Lead | Nov 2017 | |
| San Francisco, CA | 3 | Lead | Nov 2017 | |
| New York City, NY | 2 | Participant | Apr 2019 | |
| New York City, NY | 2 | Participant | Nov 2017 | |
| United States | 2 | Participant | Apr 2019 | |
| San Francisco, CA | 2 | Participant | Nov 2017 | |
| Boston, MA | 1 | Lead | Feb 2022 | |
| New York City, NY | 1 | Participant | Nov 2017 | |
| San Francisco, CA | 1 | Participant | Jul 2020 | |
| New York City, NY | 1 | Participant | Nov 2017 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Philip Krim | New York City, NY | 1 | Participant | Nov 2017 |
| San Francisco, CA | 1 | Participant | Nov 2017 | |
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Start Free TrialAcquisitions 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
| 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 Country | | | | |
| HQ City | New York City, NY | San Francisco, CA | San Francisco, CA | Richmond, VA |
| Deal Date | 1 Mar 2022 | 30 Jun 2021 | 19 May 2021 | 8 Dec 2020 |
| Valuation | $100M | $55M | $225M | undisclosed |
| 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 Country | |
| HQ City | New York City, NY |
| Deal Date | 4 May 2021 |
| Round | Series A |
| Raised | $13M |
| Investors | Meyer Keith; Good Friends; Lux Capital; Michael Mignano; HOF Capital; Spacecadet Ventures; Eight Sleep; DCM Ventures |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Ro Competitors
Ro competitors include listed companies like Nyxoah and Kooth, and private ones like Sword Health, Noom, Pristyn Care and Calibrate.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $240M | - | $4B | 16.7x | |
| New York City, NY | Private | $400M | - | $3.7B | 9.3x | |
 Gurgaon | Private | $64M | - | $1.4B | - | |
| New York City, NY | Private | $21M | - | $1.3B | 61.9x | |
 Belgium | Publicly listed | $12M | ($97M) | $162M | 3.2x | |
 United Kingdom | Publicly listed | $85M | $13M | $90M | 0.7x |
Ro Public Comps
Ro is still privately-owned, but its public comps include Hims, Oscar Health, Max Healthcare Institute, Compass Pathways, Alignment Healthcare, Ping An Healthcare, JMDC, GoodRx, Teladoc and Helus Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.3B | $178M | 3.1x | 2.4x | 40.4x | 23.9x | |||
| $12B | ($391M) | 0.5x | 0.4x | (15.9x) | 12.8x | |||
| $858M | $232M | 12.6x | 10.2x | 46.5x | 36.8x | |||
| - | ($293M) | - | - | (5.8x) | (8.4x) | |||
| $3.9B | $45M | 0.4x | 0.3x | 31.6x | 10.0x | |||
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
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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 FirstMark, TQ Ventures, General Catalyst, Torch Capital, BoxGroup, 3L Capital, Initialized Capital, ShawSpring Partners, Forbes Haffiz Bachok, SignalFire and 11 others. |
| What is Ro's revenue? | Ro's latest recorded revenue is $598M (February 2022). |
| What is Ro's revenue multiple? | Ro's latest valuation implies a 11.7x revenue multiple ($7B valuation on $598M of revenue). |
| Which companies are comparable to Ro? | Companies comparable to Ro include Sword Health, Noom, Pristyn Care, Calibrate, Nyxoah and Kooth. |
| 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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