Ghana’s mPharma recently raised $9.7 million in a Series B funding round. mPharma, which is a data and cost management platform was established to ensure Africans can access high quality medications at an affordable price.
The identities of the investors involved are still unclear however, the fund can be confirmed by a SEC filing the company made on the 10th of January. They had planned to raise $12 million but only fell short of their target by whiskers. This development brings mPharma’s total investment to $21.3 million.
mPharma was founded in 2013 and in an interview with Digest Africa— Gregory, both Co-Founder and CEO said that the Startup is operating in Ghana, Zambia, Zimbabwe and Nigeria with over 208 pharmacies within their network.
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They had earlier received a $5 million initial funding from Social Capital in 2015 and a further $6 million in investment from Indian Industrialist, Sunil Mittal in 2016.
The money will go a long way as mPharma also owns the QualityRx Initiative. QualityRx is aimed at revitalizing the pharmacy sector, assisting companies about to collapse by uniting them under one brand.
In Gregory’s words, “QualityRx is focused on re-innovating established mom and pop pharmacies that are at the verge of collapsing.”
The QualityRx process is quite simple, once a pharmacy is accepted to the initiative, they are eligible for up to US $10,000 in loans which can be used to refurbish or as working capital. These pharmacies will also be privy to mPharma’s inventory and expertise in finance management.