Start-up pharmacy marketplace Alto Pharmacy has added additional $50 million in a Series C funding round, adding to its venture capital sufficient amounts to push ahead with its expansion strategy that would allow the company to establish a truly nation-wide footprint well across the United States.
Alto Pharmacy was created back in 2015, after the acquisition of AG Pharmacy, which is a brick-and-mortar pharmacy based in San Francisco. The AG Pharmacy brand is an established local player with 30 years to its name, and Alto Pharmacy is its reinvented digital alter ego.
As a result, Alto Pharmacy is one of the leading online pharmacies where you can get same-day prescription deliveries, along with a number of other services that are readily available on the cards.
The company originally started operating under the name of ScriptDash, which better captured the instant nature of the company, but as more private equity began flowing into the company, so they decided to change it for marketing purposes.
It was at around time that the company rose $23 million during a Series B funding round, which helped it hit new markets in Los Angeles. With the fresh $50 million, the company will seek to prove itself even more, establishing a truly national footprint.
Alto will seek to double up on its efforts and see if it can break into new areas well beyond San Francisco and Southern California. But apart from scalability, the venture firm will also seek to improve-upon its existing offer and bring more people onboard with what it has to offer, guaranteeing the reach and quality of its service.
Alto is also extending its offer to drug makers, offering to take the medicine off their hands and deliver it straight to people’s homes, which will cut the middlemen from the process and add value to all parties in the chain.
Presently, Alto uses estimated 400 chain pharmacy locations to ensure that deliveries are done within the same day and that people get the medicine that they have ordered. Alto is acting as a delivery service and the company focuses on expanding and creating healthy connections between patients and pharmacies rather than handling the drugs themselves.
This exempts the company from any legal complications further down the road. Alto is fully prepared to address any future complications that may originate from the delivery system although the company’s executives are sure that Alto will not slip when it comes to carry out a specific delivery.
Alto is operating in a highly-competitive sector, which means that the company will need to find itself a place in niches and then push back against giants, such as Amazon. Amazon has been dominating a lot of the online commerce in the states and this is only likely to spill over other sectors. However, Alto’s offer is comprehensive enough for the company to have guaranteed itself strong bastions well across the United States, making it completely resilient against unfair competition.