Ghanian healthtech startup mPharma, has just closed a $17 million funding round. The startup improves access to medicine to patients, pharmacies, and hospitals through innovative inventory financing solutions. Lower medicinal prices are achieved by using aggregative and predictive data analysis. Their business operates on the approach of stocking pharmacy shelves without demanding any upfront payment. Lower prices are achieved through collective bargaining through their network.
The startup began operations in 2013 under the founders’ Daniel Shoukimas, Gregory Rockson, and James Finucane. Now secured funding will be channeled to its Vendor Management Inventory (VMI) and QualityRx platforms in Nigeria, Ghana, Zimbabwe, Kenya, and Zambia.
Last year the startup secured $12 million and a $6.6 million investment in a Series A back in 2017. Thus far the health-tech startup has raised over $40 million. Upon securing the Serie B round funds in 2019, they bought Haltons, which is Kenya’s second-largest pharmacy chain. At that time their outlets were at 17, but have now increased to 30.
According to Quartz, the investors responsible for the latest round of capital infusion were the CDC Group and the United Kingdom’s development finance arm. Other investors already involved with the brand are Jim Breyer, Dr. Daniel Vasella, and Dompe Holdings. Rockson was upbeat over their partnership with CDC as they are a Development Finance Institution with extensive government contacts across Africa.
In tandem with the funding was the appointment of Helena Foulkes to the company board. She is the former CEO of Hudson Bay Company (HBC), and prior to that she served as the president of CVS Pharmacy.
Other members on their board are Daniel Vasella, former Chairman and CEO of Novartis, Philip Sowah, former CEO of Airtel Ghana, Walter Baddo, 4DX managing partner, Andrew Carruthers, the MD of Novastar, and others.
On the mPharma website, they proudly boast of a presence in 5 African countries, 50 hospitals, 200 pharmacies, and over 400,000 patients.