Ghanaian healthtech company mPharma secures over $9m in Series-B funding

Accra based medicine benefits and inventory manager mPharma has raised over $9-million in a Series-B funding round from as yet undisclosed investors.

Uganda-based tech publication Digest Africa reported on Tuesday (15 January) that the $9 729 000 that mPharma raised in exchange for a share in the six-year-old company, fell short of the $12-million that the firm was looking to raise.

Digest Africa’s report was informed by a US Securities and Exchange Commission filling made last Thursday (10 January). However, the filing does not reveal what percent equity the funding was in return for or who the investors — only that 18 investors took up the investment offering.

The company, which was founded in 2013 by CEO Gregory Rockson, CPO Daniel Shoukimas and CTO James Finucane, aims to increase patient access to affordable high quality medications.

It currently operates in Ghana, Nigeria, Zambia and Zimbabwe, with a research and development office in Israel.

mPharma was founded in 2013 by Gregory Rockson, Daniel Shoukimas and James Finucane

In March last year, the Financial Times reported that mPharma was at the time supporting 20 000 patients a month, and had helped patients to realise cost savings of between 30% and 60% in purchasing medication.

Based on reported deals, business information platform Crunchbase estimates that — including this latest investment — mPharma has raised a total of $21.3-million in funding since its launch.

Some of the company’s investors include Accra-based Golden Palm Investments, 4DX Ventures, US-based Social Capital and angel investor Shravin Bharti Mittal.

Ventureburn sought comment from mPharma on details around the company’s latest investment deal, what the funding will be used for, as well as the firm’s expansion plans, but had not received a response at the time of publication.

Had the investment been made last year it would have ranked as one of the top 10 venture capital deals for startups among those deals that were disclosed.

Read more: Are these the 10 biggest disclosed African tech startup deals of 2018? [Updated]

Featured image: Goodlife Pharmacy Africa via Facebook