mPharma, a venture-backed startup with a simple mission to make prescription drugs in emerging markets easily accessible, and easily affordable has raised a $6.6 million Series A round to provide doctors, patients and pharmacists access to a network of high quality chronic disease medicines at sustainable prices.
The round was led by India’s Shravin Bharti Mittal, Social Capital, Golden Palm Investments and 4DX Ventures. Several investors from Senegal, Kenya, and Turkey also participated in the round. Jim Breyer, an early Facebook investor also invested and joined the board.
This is the firm’s second biggest raise after it raised $5 million led by Social Capital in 2015.
Founded by Greg Rockson, mPharma is based in Ghana and has partnered with major pharmaceutical manufacturers, insurance companies, financial institutions and governments to deliver medicines directly into the hands of consumers in these underserved markets.
The firm will use the new funding to reach more users across Africa with its proprietary software. At the moment the firm operates in four countries and services over 15,000 pharmacies. Its software helps pharmacies to accurately forecast prescription drugs demand to help them source for more in time and at affordable prices.
The firm also provides inventory financing to clients across Africa. mPharma has operations in Ghana, Nigeria, Zambia, and Kenya.
“As we enter 2018, we intend to focus on scaling our operations across Africa as we work towards building economies of scale in partnership with providers,” said Rockson. “Our proprietary supply chain software enables us to implement vendor managed inventory for independent healthcare providers in Africa. This model enables mPharma to create a tightly coupled pharmacy monolith — on a continent that has a highly fragmented pharmacy retail market — with leverage over pricing, distribution and reimbursements.”
mPharma’s tools include Thea, a CRM tool that gives facilities the ability to perform claim submission and management; SyncDB, an onsite integration that allows for a facility to automatically sync select parts of their database to mPharma’s integration layer; its REST API that allows integration with mPharma and an excel spreadsheets tool that allows pharmacies to keep track of their dispensations.