Alto, a digital pharmacy and drug delivery company, will announce next week the close of a $250 million Series D funding round headed by SoftBank’s Vision Fund 2, Reuters and others reported this morning. Greenoaks Capital, Jackson Square Ventures and other prior backers also participated in the round.

This round would bring Alto’s total raise to more than $350 million, and its valuation to more than $1 billion.

WHAT THEY DO

Founded in 2015 as ScriptDash, the core of Alto’s business is a tech-enabled platform for free, same-day medication delivery.

These orders can either be sent through a provider’s EHR system, or through a patient app that also helps patients order refills, understand costs, speak to a pharmacist on demand and coordinate care with their provider or insurer.

To support this, the company sells pharmacy management software and the aforementioned provider platform that facilitates prior authorizations, insurance coordination and improved patient monitoring.

Currently, the digital pharmacy has locations servicing the San Francisco Bay Area, Los Angeles and Orange County, the Denver-Boulder Metro Area, Las Vegas, Seattle, San Diego and Sacramento.

WHAT IT’S FOR

Alto has not shared its plans for the funds. A prior raise in December of 2018 saw the company targeting regional expansions within the US, and more robust product lines for chronic and complex conditions.

MARKET SNAPSHOT

Looking beyond traditional brick-and-mortar pharmacies, Alto’s greatest competition is likely PillPack, which was acquired in June 2018 by Amazon (and recently saw new branding as “PillPack by Amazon Pharmacy”). Others in the space include New York-based Capsule, which raised $200 million in September; NowRx, which brought in $7 million in 2018 for its Sade-hour prescription delivery service; and Blink Health, which last saw a $90 million raise in 2017.