Ro co-founder and CEO Zachariah Reitano said while he’d “never say never” about potentially taking the 7-year-old telehealth company public, he thinks the benefits of being a private company are growing.
Reitano dodged multiple questions from Axios reporter Dan Primack about whether or not the company has plans to IPO in the near term — or in general — at Axios’ BFD event on October 22.
“I might give an unsatisfying answer, but the truth is that right now, we are exclusively focused on delivering the highest quality product for our patients,” Reitano said.
Ro has raised more than $1 billion in venture capital from the likes of General Catalyst, Initialized Capital, and Torch Capital, among many others. Ro most recently raised $150 million in a round led by ShawSpring Partners that valued the company at around $6.6 billion.
Reitano’s sentiment is likely one shared by other late-stage startup founders as venture-backed companies continue to stay private longer, according to PitchBook data. Another factor keeping companies private is the rise of the secondaries market as an increasingly common way to give investors and employees some liquidity — although the majority of activity surrounds a handful of companies.
He also talked about the company’s big “uncomfortable bet” on weight loss drugs that became available on the platform in 2023. Ro was founded in 2017 by Rob Schutz, Saman Rahmanian, and Reitano as a telehealth company focused on erectile disfunction. The company expanded to more men’s and women’s health categories, including hair growth, fertility and skin health. But it has now become well known as a provider of multiple GLP-1s options.
Reitano said the company began developing the program to offer such drugs in 2021 and moved a significant percentage of its resources into the category at the time. It is now one of the fastest growing sectors of its business.
“Providers want patients to have it, and patients desperately want it. Those things have never happened in any drug category before, and so from our perspective, the prevalence and widespread usage of GLP-1s is inevitable,” Reitano said.
He added that the expansion was natural at the time for the company as conditions like obesity impact many of the other health categories the company focuses on, including fertility and sexual health conditions like erectile disfunction.