mPharma, a technology-driven health care company has raised $35 million to build a chain of community pharmacies across Africa.
Co-founder and CEO Gregory Rockson said the funding will be used to construct the startup’s data infrastructure, triple its staff by 2025 and support expansion.
“We are hiring over 100 engineers to build all our technology in-house and this includes a massive data infrastructure we are creating,” Rockson said. “We are also investing in other skilled talents like doctors and nurses, professionals that are critical in the work we do.”
Bloom, the company’s pharmacy management software, will allow mPharma to create patient health databases and support its Mutti pharmacies to provide healthcare to the communities they serve, he added.
mPharma said it plans to grow the pharmacy chain in eight African markets and make it the go-to place for affordable patient care. These pharmacies, considered mini-hospitals, provide medical advice as well as diagnostic, telehealth services and access to prescription drugs.
The financing included $30 million in equity and $5 million in debt from CitiBank, bringing the total amount raised by mPharma to $65 million.
Investors included New York-based Lux Capital, Unbound, Northstar, Social Capital, Novastar, TO Ventures and the JAM Fund, a venture capital firm founded by Tinder co-founder Justin Mateen.
mPharma was founded in 2013 by Rockson, Daniel Shoukimas and James Finucane to manage drug inventories for pharmacies and their suppliers, retail pharmacy chains and to provide market intelligence to pharmacies, hospitals and patients.
The company is riding on telemedicine wave fueled by increasing mobile connections in emerging markets, especially in Africa. In October 2021, it introduced the Mutti Doctor, a digital primary care service. The solution is supported in pharmacy by a licensed community health nurse while the doctor consults remotely.
“Mutti Doctor will grow to provide primary health care to millions of Africans and help mPharma inch closer to building an Africa that is in good health,” wrote Joseph Opoku, the Global Operations Manager at mPharma
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