Ghanaian startup mPharma, which provides a digital prescription drug inventory service for pharmacies and their suppliers, has raised $17 million in its latest funding round. In March 2019 it raised $12m in a Series B round.
The company has operated since 2013. It will use the funding to expand its Vendor Management Inventory (VMI) system and QualityRx platforms in Ghana, Kenya, Nigeria, Zambia, and Zimbabwe.
mPharma raised $12 million in 2019 and $6.6m in a Series A funding round in 2017. In 2019 it used some of its funding to buy the Haltons pharmacy chain in Kenya, which had 20 outlets. It now reportedly has 30 outlets.
As part of this funding round, Helena Foulkes has been appointed to mPharma’s board. Foulkes is the former CEO of the Hudson Bay Company (HBC) and previously was the president of CVS Pharmacy, the largest pharmacy chain in the US. The board also includes Daniel Vasella, the ex-CEO and Chairman of Novartis.
The funding signals another step change for mPharma, which is arguably the pioneering healthtech company in Africa. As African markets are forecast to add more than a billion consumers through to 2050, the manufacturer, distribution and retail of pharmaceuticals are high growth investment targets.
