DigitalHealth.London Accelerator alumnus, Phlo, have closed a £10m Series A round. This investment will support the scaling of Phlo’s operations and their partnerships with other healthcare providers, ultimately enabling more clinicians and patients to access the benefits of digital pharmacy services.
The funds will be used to expand the reach of Phlo Digital Pharmacy, the first UK digital pharmacy to offer patients same-day medication delivery, and to scale Phlo Connect, the market-leading digital infrastructure platform for healthcare providers.
This announcement comes as momentum behind digital transformation mounts in the pharmacy sector, powered by providers seeking solutions that will equip them to cope with supply chain fluctuations, spiralling operating costs, record workforce shortages, and the predicted closure of up to 3000 high street pharmacy branches by 2024.
Phlo’s Series A round – a combination of equity investment and the conversion of existing loan notes – follows the £2m raised by Phlo in 2020 in the third largest recorded healthtech Crowdfunding campaign in Europe.
Nadeem Sarwar, Founder and CEO of Phlo, commented, “I would like to thank our existing and new investors for supporting Phlo’s mission as we enter into our next stage of growth. 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.
“This round of investment is particularly crucial in helping us scale our offering and realising our vision of establishing Phlo as the market leader in the delivery of next-generation digital pharmacy services right across the UK.
“We have a very busy roadmap ahead and some incredibly exciting opportunities to take advantage of in 2023 and beyond”.
Adam Hunter, Chief Commercial Officer at Phlo, said, “We were delighted to be part of the Digitalhealth.London accelerator programme in 2020. The programme supported us with forming valuable connections and relationships in the healthcare space and allowed us to tap into an extensive amount of expertise and knowledge across their network of healthcare professionals. This has helped us to refine Phlo’s products and to scale at pace. It has been a vital part of our growth journey so far and we are looking forward to working together in the future.”
Phlo is an alumnus of the DigitalHealth.London Accelerator programme.
The DigitalHealth.London Accelerator is a collaborative programme funded by two of London’s Academic Health Science Networks – UCLPartners and the Health Innovation Network – MedCity, CW+ and receives match funding from the European Regional Development Fund.