Scoop: Alto Pharmacy raises $120 million in new funding

Kia Kokalitcheva, author ofAxios Pro Rata

Illustration: Aïda Amer/Axios

Online pharmacy Alto Pharmacy has raised $120 million in new funding at an $800 million post-money valuation, the company confirmed to Axios.

Why it matters: Alto is among the many late-stage startups to take a valuation cut in the current market.

  • The company was reportedly valued at over $1 billion when it raised $250 million in a round led by SoftBank in 2020. It’s unclear what valuation it had when it raised again in January 2022.
  • Talks toward a merger with a special purpose acquisition company that would have taken the company public in 2021 fell apart, per Reuters.

Flashback: CEO Alicia Boler-Davis revealed this past May during Axios’ BFD event in San Francisco that the company was already in talks to raise new funding.

  • She also noted the company is on the lookout for more acquisitions, following its purchase of NowRx last year.

Source: Scoop: Alto Pharmacy raises $120 million in new funding