Ghanaian health tech startup mPharma has secured $35 million in a Series-D funding round to expand its operations across existing and new markets.
mPharma is a Ghana-based healthcare startup that manages pharmaceutical inventory on behalf of mom-and-pop pharmacies across Africa.
The healthcare startup was co-founded by Gregory Rockson, Daniel Shoukimas and James Finucane in 2013 to provide innovative financing and inventory management solutions to hospitals, pharmacies and patients.
It currently serves about 1 million patients annually through 300 partner pharmacies in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda, Ethiopia and Gabon.
The round was led by Citigroup Inc., a renowned U.S. investment bank. Other investors include AM Fund, Unbound, Lux Capital, Bharti Global Limited and Novastar.
Information gathered by Billionaires.Africa revealed that the $35-million funding round raised by the startup will be used to scale up its operations as it plans to hire more engineers to grow its data infrastructure.
Aside from its strategic expansion plans for new market segments, mPharma will also use the funding to launch its e-commerce platform for pharmaceuticals.
Rockson, mPharma’s CEO and co-founder, said: “We are hiring over 100 engineers to build all our technology in-house and this includes a massive data infrastructure we are creating. We are also investing in other skilled talent like doctors and nurses, professionals that are critical in the work we do.”
The round comes nearly three years after the startup acquired the second-largest pharmacy in Kenya, Halton, taking control of 27 stores across the country.
The strategic expansion was preceded by the earlier acquisition of a majority stake in Uganda’s Vine Pharmacy.
