Funding round
Ro Series C
Ro, which works in telehealth services in New York, raised $200M in a Series C round announced on 27 Jul 2020, led by General Catalyst, at a $1.50B post-money valuation. 8 firms took part, 7 of them already investors. It is Ro's fourth venture round on record; the one before was a Series B in Apr 2019.
$200M
Amount raised
$1.50B
Post-money valuation
8
Investors
1 lead
3.0x
Step-up from the Series B
$500M in Apr 2019
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ro at $1.50B after the new money, 3.0 times the $500M of its Series B (Apr 2019). The $200M bought investors about 13% of the company. It came 15 months after Ro's Series B. It is 19% of the $1.03B Ro has raised in the venture rounds on record. Ro raised again 8 months later: a Series D round of $500M in Mar 2021, at $5.00B 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 16 Apr 2019, led by FirstMark $85M$500M post-money
- Series C this round 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
General Catalyst led the round with 7 other firms. General Catalyst, FirstMark, SignalFire and TQ Ventures and 3 more had backed Ro before.
Lead investor
- General Catalyst backs 574 venture-backed companies existing investor
Also in the round
- FirstMark backs 128 venture-backed companies existing investor
- backs 121 venture-backed companies existing investor
- backs 71 venture-backed companies existing investor
- backs 115 venture-backed companies existing investor
- backs 19 venture-backed companies existing investor
- BoxGroup backs 175 venture-backed companies existing investor
- The Chernin Group new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
17 Series C rounds in Health Care Services within a year either side disclosed an amount; the median was $60M, and this round was 3.3 times the median. The closest in time, other companies' Series C rounds in Health Care Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Aledade Health Care Services | 20 Apr 2020 | $64M | not disclosed | OMERS Growth Equity |
| Health Care Services | 8 Oct 2020 | $55M | not disclosed | King River |
| Carbon Health Health Care Services | 10 Nov 2020 | $100M | not disclosed | Dragoneer Investment Group |
| Health Care Services | 10 Nov 2020 | $38M | $200M | The Cigna Group Ventures and Humana |
| Health Care Services | 27 Mar 2020 | $18M | not disclosed | Deerfield Management Company |
| Health Care Services | 12 Nov 2020 | undisclosed | not disclosed | not named |
| Cityblock Health Health Care Services | 10 Dec 2020 | $160M | $1.00B | General Catalyst |
| Health Care Services | 28 Feb 2020 | $48M | not disclosed | 14W and Mangrove Capital Partners |
Sources
Where this comes from
Reported by 3 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Ro raise in its Series C round?
Ro raised $200M in its Series C round, announced in Jul 2020.
Who led Ro's Series C round?
General Catalyst led it, with FirstMark, SignalFire, TQ Ventures, Initialized and 3L Growth Equity and 2 more.
What was Ro's valuation at the Series C round?
$1.50B post-money.
How does it compare with other Series C rounds in Health Care Services?
17 Series C rounds in Health Care Services within a year either side disclosed an amount; the median was $60M, and this round was 3.3 times the median.
Did Ro raise again after this round?
Yes: a Series D round in Mar 2021 of $500M at $5.00B post-money.