Phlo Digital Pharmacy – a digital pharmacy that provides same-day and follow-on prescription medicines deliveries – raised £10 million in Series A funding to expand its operations across the UK.
Scotland-based investment firm Thairm Bio led the funding round with participation from the Scottish Enterprise and angel investors.
The new funding will support the company’s expansion across the UK. The digital pharmacy startup Phlo previously raised £2 million in 2020 in one of the UK’s health tech crowdfunding campaigns.
Founded in Glasgow in 2019, Phlo Digital Pharmacy provides same-day medication deliveries that patients can track on a smartphone app. The company offers one-off and repeat prescription deliveries from the NHS and private healthcare providers, providing reminders when medication is due to run out.
The company also offers a digital pharmacy API that integrates with healthcare providers, such as Babylon and HealthHero, to offer services, including digital prescriptions and live patient updates.
“The investment raised will help support our expansion across the UK and allow us to continue developing our Phlo Digital Pharmacy and Phlo Connect offering to improve healthcare outcomes,” said Phlo founder and CEO Nadeem Sarwar.
“This round of investment is particularly crucial in helping us scale our offering and realizing our vision of establishing Phlo as the market leader in the delivery of digital pharmacy services right across the UK,” added Nadeem Sarwar.
Online pharmacy startups
According to our funding database, online pharmacy startups have raised close to $10 billion in funding to date. More recently, Lifepack, an online pharmacy that provides medication subscription services for chronic patients in Indonesia, raised $7 million in Series A funding led by Golden Gate Ventures. In another deal, Alto Pharmacy, an online pharmacy company, raised $200 million in Series E funding led by SoftBank Vision Fund. To date, Alto has raised more than $500 million in funding.