Ghanaian pharmacy and healthtech start-up mPharma raised $35 million in a successful Series D funding round that drew participation from JAM Fund, Unbound and, for the first time in Africa, Lux Capital.
This funding will set up mPharma for its next growth phase.
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The New York-based science and technology investor is led by a team of doctors, scientists and engineers from across multiple disciplines. This historic investment comes on the heels of a similar spend in the firm’s home country to help expand medical coverage to lower income American communities.
mPharma has already expanded into telehealth and is fast becoming the primary healthcare service provider in rural African communities thanks to its Mutti pharmacy network. This investment will enable further expansion and a full build-out of its tech infrastructure.
Citibank is another big participant with $5 million debt financing, with the balance ($30 million) in equity from the rest of the investment pool.
With virtual services now fully active in Ghana, Nigeria, Kenya, Zambia, Malawi, Ethiopia and Rwanda, mPharma is on a massive talent recruitment drive to shore up its resources and bring all its tech development in-house.
Featured image supplied by mPharma