mPharma raises $35million in round participated by Tinder co-founder’s JAM fund, Bharti executive – TechCrunch


Ghana Health Tech Startup mPharma Is building a network of community pharmacies throughout Africa. This is because we plan to become a reliable primary health care service provider for millions of people in the region.

mPharma plans to grow the community (Mutti) A pharmacy that spans eight African markets will be the patient’s first care point. The startup Mutti Pharmacy is essentially a mini-hospital, offering a wide range of services including medical consultations, diagnostics and telemedicine services. All of this enhances access to high quality medicines and affordability.

Startups are now raising $ 35 million in Series D rounds to revitalize more and more pharmacies to expand their reach and build their technological infrastructure in preparation for the next phase of growth. Has begun.

Gregory Rockson, co-founder and CEO of mPharma, told TechCrunch that the new funding will help build the startup’s data infrastructure, triple the talent pool over the next three years, and support expansion plans in current and new markets. Said it will be used for. We are also developing an e-commerce platform for pharmaceuticals.

“We hire more than 100 engineers to build all the technology in-house, which includes the large data infrastructure we are creating. We also We’re also investing in other skilled talents like doctors, nurses, and professionals who are essential to our work, “Rockson told TechCrunch.

“By blossoming our pharmacy management software, we will be able to build a structured artificial health dataset that enables Mutti pharmacies to provide better care channels to the communities they serve,” he said. Said.

See also  JUST IN: Soldiers Successfully Stage Military Coup In Sudan, Prime Minister Arrested

The funding raised will consist of $ 30 million in equity from Citibank and $ 5 million in debt, bringing the total amount raised by mPharma to $ 65 million.

The investors who participated in the round are: JAM FundA venture capital company founded by the co-founder of Tinder Justin Matine, Unbound; A growth investment company by Bharti Global Limited (Bharti Family Investment Division), Managing Director of Schrabin Mittal, and the first investment in Africa in Lux Capital. A New York-based VC company investing in science and technology ventures. Other investors include Northstar, Social Capital, Novastar and TO Ventures.

mPharma was originally founded in 2013 by Rockson, Daniel Shokimasu When James Finucane It manages the inventory of prescription drugs for the operation of pharmacies and their suppliers and retail pharmacies, and provides market intelligence to hospitals, pharmacies and patients.

Last October, the startup took advantage of the telemedicine wave that began after the Covid pandemic to add telemedicine services to its portfolio. Rockson said in an interview with TechCrunch last October that the startup plans to have 100 virtual centers by the end of six months. The number of virtual centers is ready to grow further in line with mPharma’s plan to increase community pharmacies by a factor of 10 over the next three years from the current 200 centers.

Patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda and Ethiopia where mPharma is present now have access to virtual services. mPharma also exists in Gabon and has a contract with the government to build a pharmaceutical supply chain infrastructure.

The mPharma Community Pharmacy regularly conducts community health outreach for random health checks and public education.Photo Credit: mPharma.

Start-ups like mPharma are closing the healthcare delivery gap by bringing critical services closer to the community through other channels, pharmacies, community health checks and more.

See also  Spooky SZN: Pastors John & Aventer Gray, Desi Banks, Raven Magwood & More Attend ATL ‘Haunted Trail’ Movie Screening

This is necessary given that sub-Saharan African countries have an average of 0.23 doctors per 10,000, while some developed countries have 84.2 doctors, according to the World Health Organization. Involvement. data..

In addition to the low ratio of doctors to patients, the medical infrastructure remains very underdeveloped.

“Covid has shown that the best form of care is the community, the community, and the closest thing to the community is the pharmacy. The future pharmacies we are creating are temporary. We believe it’s built around vertical care, not care, “Rockson said.

“We are transforming regional pharmacies into the foundation of the modern healthcare system in Africa. There are Mutti pharmacies in every community on the continent. We guarantee the availability and safety of medicines in each community and Mutti. Leverage the physical infrastructure of pharmacies to extend Mutti Doctor (remote medical services) and build the largest network of doctor’s offices and diagnostic centers. “

To provide comprehensive service, mPharma launched the e-commerce platform Mutti Online Pharmacy a few weeks ago, making it possible for members to purchase medicines. Initially, Ghana only dispenses over-the-counter drugs, but plans to include prescription drugs in the near future. mPharma’s Mutti Online Pharmacy is currently one of the few digital pharmacies operating in Africa, including My Dawa in Kenya.

See also  Governor Umahi Reveals Suspects Behind South-East Killings, Violence

mPharma has also embarked on diversification, partnerships and expansion strategies to grow the company in recent months.A few months ago Acquired a 55% stake in Uganda’s grape pharmacy, Previously held by the Abraaj Group.also Entered Ethiopia in March last year Signed a franchise agreement through Belayab Pharmaceuticals and its subsidiary Haltons Limited.

mPharma enjoys expertise from experienced professionals in the pharmaceutical industry, including: Helena Volks, Former President of CVS, the largest pharmacy retail chain in the United States, and Daniel Vasella, former CEO and Chairman of Novartis. Both are members of the board of directors. Other investors in the startup include the UK development divisions CDC Group, Breyer Capital and Golden Palm Investments.

mPharma raises $35million in round participated by Tinder co-founder’s JAM fund, Bharti executive – TechCrunch Source link mPharma raises $35million in round participated by Tinder co-founder’s JAM fund, Bharti executive – TechCrunch