Ro CEO Zachariah Reitano. Photo credit: Ro

Telemedicine startup Ro has raised $200 million in new funding led by existing investor General Catalyst. The new funding, a Series C, values the company at a reported $1.5 billion, notably just three years into its founding. With the new funding, New York-based Ro has now raised a total of $376 million in funding since its inception. The investment comes on the heels of a coronavirus pandemic that has largely driven up the demand for telemedicine services. Ro offers a collective of digital health services including general medication, smoking cessation, weight management, and an online pharmacy.

Ro is one of the most capitalized startups in the burgeoning technology industry. The company is competing against other fellow upstarts such as Hims, which is itself valued at about $1 billion and is reported to be eyeing a soon public listing. Apart from General Catalyst, other participants in Ro’s new financing round include existing investors SignalFire, FirstMark Capital, Initialized Capital, Torch, and BoxGroup as well as new investor The Chernin Group.

Ro seems poised to ride the increasing waves of the telehealth industry. According to predictions from research firm Forrester Research, virtual health-care interactions between medical personnel and patients could top 1 billion by this year’s end. It’s such that telehealth companies globally have reported of sizeable demand surges for their products, in general, and Ro is no exception. The New York-based company says it’s on track to generate $250 million in sales this year.