A looming recession has made fundraising tough for startups—“and it’s going to get tougher,” said Alicia Boler Davis, CEO of digital health startup Alto Pharmacy. The company raised $200 million in a late-stage funding round announced in January, led by SoftBank Vision Fund.

“Previously there was this huge focus on growth. If you can prove that you’re growing and have a compelling product…getting money was easier,” said Boler Davis at The Information’s annual Women in Tech, Media and Finance summit in Menlo Park, Calif., Wednesday. “Now it’s going to be growth and you have to have margins—having sound financials is going to be really important.”