SoftBank’s second Vision Fund has led a new round of funding for Silicon Valley-based drug delivery firm Alto Pharmacy that valued it at over $1 billion, according to two people familiar with the development.
Reuters also obtained the information from Delaware State filings.
SoftBank’s Vision Fund II contributed a majority of the funding round that totals around $250 million, according to both people. At one point, the fund considered investing as much as $300 million, but eventually decided to limit its exposure, they said.
Other existing investors including Greenoaks Capital and Jackson Square Ventures also participated in the Series D round, the sources said.
Alto, a digital pharmacy that delivers prescriptions to patients in California, Nevada and Washington, is expected to announce the deal next week.
The Alto Pharmacy investment comes at a challenging time for SoftBank. A number of its portfolio companies have struggled in recent months, most notably WeWork, which scrapped its initial public offering last year and needed an over $10 billion bailout from SoftBank to stay afloat.
Alto Pharmacy did not immediately respond to requests for comment while SoftBank declined to comment.
