Ghanaian-based healthcare startup, mPharma, has raised $35,000,000 in a Series D round which included a host of investors.
Leveraging the fund, which includes $30,000,000 in equity and $5,000,000 in debt from CitiBank, mPharma seeks to employ more engineers to build its data infrastructure and support expansion plans in its current and new markets. The company is also investing in other skilled talent such as doctors and nurses, professionals relevant to its work.
Investors who participated in the round include JAM Fund; a venture capital firm founded by Tinder co-founder Justin Mateen, Unbound; a growth investment firm by Shravin Mittal the managing director Bharti Global limited (Bharti family investment arm) and the first investment in Africa for Lux Capital; a New-York City based VC firm investing in science and tech ventures. Other investors were Northstar, Social Capital, Novastar and TO Ventures.
mPharma also targets growing its Mutti community pharmacies across eight markets in Africa, reaching a height where it becomes the go-to healthcare service provider for patients.
The startup’s Mutti pharmacies are essentially mini-hospitals offering a wide-range of services including medical consultation, diagnostic and telehealth services, all on mission to increase accessibility and affordability of quality medication.
Founded in 2013 by Rockson, Daniel Shoukimas and James Finucane, mPharma was built to manage prescription drug inventory for pharmacies and their suppliers, retail pharmacy operations and provide market intelligence to hospitals, pharmacies and patients.
In October last year, the startup added telehealth services to its portfolio, tapping into the telemedicine wave that took off after the Covid pandemic.
Patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda and Ethiopia, where mPharma has a presence, now have access to the virtual services. mPharma is also present in Gabon where it has a contract with the government to build a drug supply chain infrastructure.
In recent times, the company has embarked on diversification, partnerships and expansion strategies to ensure its continuous growth. A few months ago it acquired a 55% stake in Uganda’s Vine Pharmacy, which was previously held by the Abraaj Group. mPharma also entered Ethiopia in March last year by signing a franchise agreement with Belayab Pharmaceuticals through its subsidiary, Haltons Limited.