A Scottish digital pharmacy startup Phlo has raised £10 million in Series A funding to provide patients with same-day drug delivery.
The startup received funding from the family office of Thairm Bio, a Trust that invests in early-stage life science businesses.
The conversion of current loan notes into equity is part of this financing round. In 2020, Phlo raised $2 million in a round that was the third-largest HealthTech Crowdfunding campaign in Europe.
The business plans to use the additional funding to scale Phlo Connect, the industry-leading digital infrastructure platform for healthcare providers, as well as Phlo Digital Pharmacy, the first UK digital pharmacy to give consumers same-day medicine delivery.
Additionally, the financing will help Phlo expand its business operations and its relationships with healthcare organizations. More physicians and patients will be able to take use of digitized pharmacy services thanks to the company’s assistance.
“This round of financing is particularly essential in enabling us to scale our offering and realize our vision of establishing Phlo as the market leader in the delivery of next-generation digital pharmacy services right across the UK,” said Nadeem Sarwar, founder, and CEO of Phlo. In 2023 and beyond, we have a highly busy roadmap and some extremely exciting possibilities to seize.
“Thairm Bio is happy to lead this investment round, in cooperation with a devoted group of investors, and to assist Phlo in their continued expansion across the UK,” said Mark Bamforth, the company’s founder.
Phlo is a wonderful example of a developing innovative business that is assisting patients and healthcare providers through its technology, according to Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise. With funding from Scottish Enterprise, the business can grow operations and reach new customers with its services.
Phlo was established in 2019 by businessman Nadeem Sarwar and has offices in Glasgow, Scotland. Its staff numbers are around 70. The UK pharmacy industry is at the forefront of innovation and product development.
Phlo is a digital pharmacy that offers secure, same-day delivery of NHS and private medicines when and when you need them, much like Deliveroo does.
In Birmingham and London, the company’s primary product, Digital Pharmacy, provides same-day NHS and private prescription delivery services. It is debuting in Manchester this year. Since the platform’s start in 2020, it has fulfilled over 110,000 orders, and its user base is more than tripling annually.
The second offering from the business, Phlo Connect, gives health-tech businesses and private healthcare providers access to a smooth, comprehensive digital pharmacy solution. The Dermatology Partnership, SkinDoc, Syrona Health, and Babylon are some of their current partners.
Image Credit: Phlo