SwipeRx (formerly mClinica), an online B2B commerce platform for pharmacies to grow their business and market reach, secured $10 million in fresh funds as part of a new Series B2 round.
Sanofi’s Global Health Unit and Cercano Management led the investment round with participation from existing investors Susquehanna International Group (SIG), Johnson & Johnson Impact Ventures, and Patamar Capital.
The company announced the initial raise of its $27 million Series B round in May 2022. MDI Ventures led the prior Series B round with participation from the Bill & Melinda Gates Foundation, Johnson & Johnson Impact Ventures, and SIG.
With the fresh funds, SwipeRx plans to expand its Business to Business (B2B) commerce platform for the pharmaceutical industry in key markets. The company will also use the proceeds to invest in specialized healthcare logistics and financing, further grow its pharmacy network in these key markets, and strengthen its advanced data teams.
To-date, SwipeRx has onboarded more than 250,000 pharmacy professionals and 50,000 pharmacies for its digital network. The network provides its users across the region with the digital tools and information they need to better serve patients and manage their pharmacies.
SwipeRx works with leading pharmaceutical companies, governments and NGOs to connect the entire pharmaceutical ecosystem.
Commenting on the funding news, Farouk Meralli, Founder and CEO of SwipeRx, said, “From our inception, we have been obsessively focused on achieving our mission of improving the quality, availability and affordability of medicines across Southeast Asia. This new investment is a testament to our progress in achieving this mission while demonstrating rapid growth, strong economic fundamentals and market leadership. We look forward to accelerating our progress even further with this new injection of capital from these renowned investors.”
“The Covid-19 pandemic has accelerated and amplified digital healthcare adoption in the region; however the healthcare system, including the pharmaceutical industry, is complex and fragmented. We strongly believe SwipeRx is a regional category leader in this B2B vertical, with digitization, collaboration, and transparency at their core. We see immense scale and potential in the problem they are addressing and are excited to back the team in their next growth phase,” said MJ Yu, Managing Director of Cercano.
Digital health startups providing online marketing services have raised nearly $2 billion in funding to date, according to our funding database. More recently, Frontrow Health, a digital marketing platform for healthcare providers, raised $3 million in seed funding to scale its marketplace as it quickly onboards more direct-to-consumer brands, medical providers, and consumers.