Ghanaian healthcare startup mPharma, has raised $35 million in a Series D round from a number of investors.
mPharma intends to use the investment, which includes $30 million in equity and $5 million in debt from CitiBank, to hire more engineers to help grow its data infrastructure and support expansion goals in existing and new markets. Other professionals important to the company’s job, such as doctors and nurses, are also being invested in.
JAM Fund, a venture capital firm founded by Tinder co-founder Justin Mateen, Unbound, a growth investment firm founded by Shravin Mittal, managing director Bharti Global Limited (Bharti family investment arm), and Lux Capital, a New York City-based VC firm investing in science and technology ventures, were among the investors in the round. Northstar, Social Capital, Novastar, and TO Ventures were among the other investors.
mPharma also wants to expand its Mutti community pharmacies across eight African markets, eventually becoming the go-to healthcare provider for patients.
Mutti pharmacies are essentially mini-hospitals that provide a wide range of services, including medical consultation, diagnostic, and telehealth services, all with the goal of making excellent medication more accessible and affordable.
mPharma was founded in 2013 by Rockson, Daniel Shoukimas, and James Finucane with the goal of managing prescription drug inventories for pharmacies and their suppliers, as well as providing market intelligence to hospitals, pharmacies, and patients.
The startup added telehealth services to its portfolio in October of last year, capitalizing on the telemedicine boom that followed the Covid pandemic.
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 drug supply chain infrastructure.
To guarantee its continued success, the company has recently embarked on diversification, partnership, and expansion strategies. It acquired a 55 percent stake in Uganda’s Vine Pharmacy, which was previously held by the Abraaj Group, a few months ago. In March last year, mPharma entered Ethiopia through its subsidiary, Haltons Limited, which signed a franchise agreement with Belayab Pharmaceuticals.