Funding round
Ro Series D
Ro, which works in telehealth services in New York, raised $500M in a Series D round announced on 23 Mar 2021, led by General Catalyst, FirstMark and TQ Ventures, at a $5.00B post-money valuation. 12 firms took part, 6 of them already investors. It is Ro's fifth venture round on record; the one before was a Series C in Jul 2020.
$500M
Amount raised
$5.00B
Post-money valuation
12
Investors
3 leads
3.3x
Step-up from the Series C
$1.50B in Jul 2020
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ro at $5.00B after the new money, 3.3 times the $1.50B of its Series C (Jul 2020). The $500M bought investors about 10% of the company. It came 8 months after Ro's Series C. It is 49% of the $1.03B Ro has raised in the venture rounds on record. Ro raised again 11 months later: a Growth round of $150M in Feb 2022, at $7.00B 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 27 Jul 2020, led by General Catalyst $200M$1.50B post-money
- Series D this round 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, FirstMark and TQ Ventures led the round with 9 other firms. General Catalyst, FirstMark, TQ Ventures and SignalFire and 2 more had backed Ro before.
Lead investors
- General Catalyst backs 574 venture-backed companies existing investor
- FirstMark backs 128 venture-backed companies existing investor
- backs 71 venture-backed companies existing investor
Also in the round
- backs 121 venture-backed companies existing investor
- backs 34 venture-backed companies existing investor
- BoxGroup backs 175 venture-backed companies existing investor
- Altimeter backs 67 venture-backed companies new investor
- backs 3 venture-backed companies new investor
- Dragoneer Investment Group backs 82 venture-backed companies new investor
- new investor
- Radcliff new investor
- Seven Seven Six backs 90 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, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series D rounds in Health Care Services within a year either side disclosed an amount; the median was $100M, and this round was 5.0 times the median. The closest in time, other companies' Series D rounds in Health Care Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Aledade Health Care Services | 19 Jan 2021 | $100M | $2.10B | Meritech Capital |
| Health Care Services | 18 Nov 2020 | $42M | not disclosed | Valor |
| Cityblock Health Health Care Services | 3 Aug 2021 | $400M | $5.70B | SoftBank |
| Maven Clinic Health Care Services | 17 Aug 2021 | $110M | $1.00B | Dragoneer Investment Group and Lux Capital |
| Health Care Services | 13 Oct 2021 | $100M | not disclosed | Deerfield |
| Sword Health Health Care Services | 22 Nov 2021 | $163M | $2.00B | Sapphire Ventures |
| Health Care Services | 8 Jul 2020 | $75M | not disclosed | General Atlantic |
| Health Care Services | 5 Jan 2022 | $35M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Ro raise in its Series D round?
Ro raised $500M in its Series D round, announced in Mar 2021.
Who led Ro's Series D round?
General Catalyst, FirstMark and TQ Ventures led it, with SignalFire, Torch Capital, BoxGroup, Altimeter and The Baupost Group and 4 more.
What was Ro's valuation at the Series D round?
$5.00B post-money.
How does it compare with other Series D rounds in Health Care Services?
8 Series D rounds in Health Care Services within a year either side disclosed an amount; the median was $100M, and this round was 5.0 times the median.
Did Ro raise again after this round?
Yes: a Growth round in Feb 2022 of $150M at $7.00B post-money.