mPharma, a Ghanaian health tech startup, readies itself for the next phase of growth after raising $35 million in a Series D round.
The health tech startup is establishing a network of community pharmacies across Africa with the goal of becoming the region’s primary healthcare provider for millions of people.
The funding will be used to enhance the startup’s data infrastructure, triple its talent pool over the next three years, and support expansion goals in current and new markets, according to mPharma co-founder and CEO Gregory.
What you should know about mPharma
Mutti pharmacies are essentially mini-hospitals that provide a variety of services such as medical consultations, diagnostics, and telemedicine. It’s also launching a pharmaceutical e-commerce portal. All of this while boosting the availability and cost of high-quality medications.
After receiving $35 million in a Series D financing, the firm has set out to activate more Mutti pharmacies in order to expand its reach and build out its tech infrastructure as it prepares for the next phase of expansion.
The virtual services are now available to patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda, and Ethiopia, where mPharma has a presence. MPharma also has a presence in Gabon, where it has a government contract to establish a pharmaceuticals supply chain infrastructure.
JAM Fund, a venture capital firm founded by Tinder co-founder Justin Mateen; Unbound, a growth investment firm founded by Shravin Mittal, managing director of Bharti Global Limited (the Bharti family investment arm); and Lux Capital, a New York-based VC firm investing in science and technology ventures (this is the firm’s first investment in Africa). Northstar, Social Capital, Novastar, and TO Ventures are among the other investors.
