mPharma raises $35million in Series D funding

Ghanaian startup mPharma, which manages prescription drug inventory for pharmacies and their suppliers has raised $35 million in its latest Series D round and the new funding, according to mPharma co-founder and CEO Gregory Rockson, will be used to build the startup’s data infrastructure, triple its talent pool over the next three years and support expansion plans in its current and new markets. It is also rolling out an e-commerce platform for pharmaceuticals.

“We are hiring over 100 engineers to build all our technology in-house and this includes a massive data infrastructure we are creating. We are also investing in other skilled talents like doctors and nurses, professionals that are critical in the work we do. ​​Bloom our pharmacy management software will allow us to build structured population health datasets that enable Mutti pharmacies to provide better care pathways to the community they serve.”

Pharma co-founder and CEO Gregory Rockson

Investors that participated in the round include JAM Fund; a venture capital firm founded by Tinder co-founder Justin Mateen, Unbound; a growth investment firm by Shravin Mittal the managing director Bharti Global limited (Bharti family investment arm) and the first investment in Africa for Lux Capital; a New-York City based VC firm investing in science and tech ventures. Other investors include Northstar, Social Capital, Novastar, and TO Ventures.

mPharma was originally founded in 2013 by Rockson, Daniel Shoukimas, and James Finucane to manage prescription drug inventory for pharmacies and their suppliers, retail pharmacy operations, and provide market intelligence to hospitals, pharmacies, and patients.

The Accra-based company plans to grow its community (Mutti) pharmacies across eight markets in Africa to be the first point of care for patients. The startup’s Mutti pharmacies are essentially mini-hospitals offering a wide range of services including medical consultation, diagnostic, and telehealth services. All these while increasing access and affordability to quality medication.

mPharma enjoys expertise backing from well-experienced professions in the pharmaceutical industry including Helena Foulkes, former president of CVS, the largest pharmacy retail chain in the U.S., and Daniel Vasella, ex-CEO, and chairman of Novartis; both are members of the board. The startup’s other investors include U.K.’s development arm CDC Group, alongside several of its previous investors including Dr. Daniel Vasella, ex-chief executive of Novartis, Silicon Valley investor Jim Breyer and Dompe Holdings, the family office of the Italian pharmaceutical giant.