Ghana’s healthtech startup, mPharma, has raised $17 million in a spherical led by the CDC Neighborhood. Quartz reports that the spherical is backed by present investors which encompass Dr Daniel Vasella, ex-CEO and Chairman of pharmaceutical giant, Novartis; Silicon valley investor, Jim Breyer; and Dompe Holdings.
This spherical comes after the firm’s Sequence B spherical of $12 million in 2019, and $6.6 million Sequence A in 2017. Following the 2019 elevate, mPharma obtained Kenya’s second-largest pharmacy chain, Haltons for lower than $5 million.
On the time of the acquisition, mPharma operated in 4 nations, supported about 250 pharmacies, and had 17 outlets. Right now, the outlets gain elevated to 30 and the firm has expanded its companies and products to one more nation. The firm manages prescription drug inventory for pharmacies and their suppliers.
Because it became as soon as founded in 2013 by Gregory Rockson, Daniel Shoukimas, and James Finucane, mPharma’s focus has remained to create prescribed tablets accessible and reasonably priced.
This funding will doubtless be old to scale up its Vendor Management Stock (VMI) system and QualityRx platforms in Ghana, Kenya, Nigeria, Zambia, and Zimbabwe.
Helena Foulkes’ appointment
The funding became as soon as accompanied by the appointment of Helena Foulkes to mPharma’s board. Foulkes labored with Canada’s Hudson Bay Firm (HBC) as the CEO while performing on the board of both Harvard College and the Dwelling Depot.
Earlier than her time at HBC, she labored with CVS Health for 25 years in various positions earlier than her closing diagram as the president of the CVS Pharmacy. CVS Pharmacy is the largest pharmaceutical chain in the US.
Foulkes says her clarification for becoming a member of mPharma is in consequence of the healthtech startup’s dedication to making medication readily available, and the innovative constructions being old to assemble the firm’s desires.
“The mission of mPharma to create prescribed tablets more cost effective and accessible is striking. I’m in the various systems this younger firm can develop, they’ve their very gain chain, loyalty programs, there’s heaps of doubtless,” Foulkes said.
mPharma’s board is slightly versatile with folks of various backgrounds who encompass Daniel Vasella, ex-CEO, and Chairman of Novartis; Philip Sowah, feeble CEO of Airtel Ghana; Walter Baddoo, Managing Partner of 4DX; Andrew Carruthers, Managing Director of Novastar.
Africa’s healthtech sector continues to inspect promising as more startups scale and create their companies and products available on a worthy wider scale. Contemporary funds raised in the sector encompass Lifestores’ N365 million, Field Intelligence’s $3.6 million and Helium Health’s $10m raised now no longer too prolonged in the past.
Whereas there are numerous components concerned about enterprise moreover funding, an elevated stage of affirm and innovation will path the healthtech sector on the African continent.
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