mPharma, a Ghanaian health technology startup, is preparing for the next stage of expansion following a $35 million Series D funding round.
Tinder co-founder Justin Mateen launched the JAM Fund, which invested alongside Unbound, a growth investment firm founded by Shravin Mittal, managing director of Bharti Global Limited (the Bharti family investment arm); and Lux Capital, a New York-based venture capital firm that invests in science and technology ventures (this is the firm’s first investment in Africa). Other investors include Northstar, Social Capital, Novastar, and TO Ventures.
With the objective of becoming the region’s primary healthcare provider for millions of people, the health tech firm is creating a network of community pharmacies across Africa.
Mutti pharmacies are essentially mini-hospitals that offer medical consultations, testing, and telemedicine, among other things. It’s also creating an e-commerce service for pharmaceuticals. All while increasing the availability and affordability of high-quality drugs.
The company has set out to activate more Mutti pharmacies in order to expand its reach and build out its tech infrastructure as it prepares for the next phase of growth after collecting $35 million in Series D funding.
Patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda, and Ethiopia, where mPharma has a presence, can now access virtual services. MPharma also has a presence in Gabon, where it is working on establishing a pharmaceutical supply chain infrastructure under a government contract.
According to mPharma co-founder and CEO Gregory, the funds will be used to improve the startup’s data infrastructure, quadruple its talent pool over the next three years, and support expansion plans in current and new markets.
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