mPharma Raises $17m to Expand Outside Ghana

The Ghanaian startup streamlines last-mile delivery of prescription drugs and makes them affordable, in under-served markets. The health-tech startup was founded in 2013 by Gregory Rockson, Daniel Shoukimas, and James Finucane. With this funding, the company will expand its Vendor Management Inventory  system and QualityRx platforms in Ghana, Kenya, Nigeria, Zambia, and Zimbabwe. This comes after the startup raised $12 million last year and $6.6 million Series A in 2017. The total funding raised by the health-tech startup now stands at over $40 million. After securing its Series B funding in 2019, the startup bought Kenya’s second-largest pharmacy chain, Haltons. At the time, mPharma’s outlets stood at 17 but now, Rockson says it has since increased to 30. Quartz reported that the CDC Group, UK’s development finance arm led this round. Other existing investors including Dr Daniel Vasella, ex-CEO and Chairman of pharmaceutical giant, Novartis; Silicon Valley investor, Jim Breyer; and Dompe Holdings participated in the round.

SOURCE: QUARTZ AFRICA