In May 2020, mPharma, a start-up based in Ghana, announced that it has raised USD 17 million in its latest round of funding.
mPharma works towards providing seamless last-mile delivery of prescription drugs in under-served markets. mPharma stocks pharmacy shelves with no payment required upfront. It also uses its power over the network of pharmacies to negotiate affordable prices. It has helped 400,000 patients save on high-quality medicines.
The funding round was led by CDC Group, UK’s development finance arm and also included previous investors like Dr. Daniel Vasella, Jim Breyer and Dompe Holdings.
The founder and chief executive Gregory Rockson launched mPharma seven years ago. Rockson announced that the company is excited to work with CDC Group, a development finance institution (DFI) that has deep roots in Africa. “Bringing a DFI with extensive government contacts across Africa would improve our appeal and help strengthen our corporate governance because of the ESG [environmental, social and governance] rules under which they operate.”, said Rockson.
Since mPharma’s seed round in 2015, it has raised over $40 million including $12 million last year and $6.6. million in 2017. A portion of the funds was used last year to acquire Haltons, the second largest pharmacy chain in Kenya. In the last one year, mPharma has expanded from 17 outlets to 30 outlets. This acquisition has doubled the revenue of mPharma. According to mPharma, the latest funding will be used to expand further its vendor management inventory system that is currently being used by 250 pharmacies in countries all over Africa including Kenya, Nigeria and Ghana.
mPharma also announced that it has appointed Helena Foulkes, the former president of CVS, to mPharma’s board. Helena worked at CVS, the largest physical retail chain in United States of America, for 25 years. Rockson said that one of his top priorities was getting retail experience on board that he has accomplished through Helena.
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