Funding round
Ro Series B
Ro, which works in telehealth services in New York, raised $85M in a Series B round announced on 16 Apr 2019, led by FirstMark, at a $500M post-money valuation. 7 firms took part. It is Ro's third venture round on record; the one before was a Series A in Sep 2018.
$85M
Amount raised
$500M
Post-money valuation
7
Investors
1 lead
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ro at $500M after the new money. The $85M bought investors about 17% of the company. It came 7 months after Ro's Series A. It is 8.3% of the $1.03B Ro has raised in the venture rounds on record. Ro raised again 15 months later: a Series C round of $200M in Jul 2020, at $1.50B post-money.
Ro's funding rounds
Ro has 6 venture rounds on record. This one is highlighted.
- Seed 3 Aug 2017 $3.0M
- Series A 19 Sep 2018, led by FirstMark $88M
- Series B this round 16 Apr 2019, led by FirstMark $85M$500M post-money
- Series C 27 Jul 2020, led by General Catalyst $200M$1.50B post-money
- Series D 23 Mar 2021, led by General Catalyst, FirstMark and TQ Ventures $500M$5.00B post-money
- Growth 15 Feb 2022, led by ShawSpring Partners $150M$7.00B post-money
Investors
Who put money in
FirstMark led the round with 6 other firms.
Lead investor
- FirstMark backs 128 venture-backed companies new investor
Also in the round
- backs 19 venture-backed companies new investor
- backs 39 venture-backed companies new investor
- backs 36 venture-backed companies new investor
- Gaingels backs 364 venture-backed companies new investor
- backs 34 venture-backed companies new investor
- backs 71 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
15 Series B rounds in Health Care Services within a year either side disclosed an amount; the median was $23M, and this round was 3.8 times the median. The closest in time, other companies' Series B rounds in Health Care Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cityblock Health Health Care Services | 15 Apr 2019 | $65M | not disclosed | Redpoint Ventures |
| Health Care Services | 12 Apr 2019 | $23M | not disclosed | not named |
| Health Care Services | 23 Apr 2019 | $17M | not disclosed | SBI Investment |
| Health Care Services | 2 May 2019 | $15M | not disclosed | Drive Capital |
| Health Care Services | 1 Mar 2019 | $12M | not disclosed | not named |
| Health Care Services | 17 Jun 2019 | $40M | not disclosed | La Caisse and HV Capital |
| Carbon Health Health Care Services | 5 Jun 2019 | $30M | not disclosed | Brookfield |
| Health Care Services | 11 Jun 2019 | $23M | not disclosed | Echo Health Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Ro raise in its Series B round?
Ro raised $85M in its Series B round, announced in Apr 2019.
Who led Ro's Series B round?
FirstMark led it, with 3L Growth Equity, Sand Hill Angels, J-Ventures, Gaingels and Torch Capital and 1 more.
What was Ro's valuation at the Series B round?
$500M post-money.
How does it compare with other Series B rounds in Health Care Services?
15 Series B rounds in Health Care Services within a year either side disclosed an amount; the median was $23M, and this round was 3.8 times the median.
Did Ro raise again after this round?
Yes: a Series C round in Jul 2020 of $200M at $1.50B post-money.