mPharma announced today that they have successfully raised $6.6 million in Series A financing and are even more excited about the caliber of the investors who participated in this round of financing.
mPharma is a venture-backed startup with a simple mission: Make prescription drugs in emerging markets easily accessible, and easily affordable. They partner with major pharmaceutical manufacturers, insurance companies, financial institutions and governments to deliver medicines directly into the hands of consumers in these “underserved markets”. Their suite of business solutions provide doctors, patients and pharmacists access to a network of high quality chronic disease medicines at sustainable prices.
As part of this round of funding they welcomed their lead investor, Shravin Bharti Mittal to the mPharma board. Shravin is a director at Bharti Global Ltd. He played a critical role in the acquisition and integration of Zain, paving the way for Bharti Airtel to enter the African market. Shravin was previously an investor with Softbank.
Existing investors Social Capital and Golden Palm Investments re-invested in this round and they were joined by family offices and individuals from Senegal, Kenya, Switzerland, Turkey and the US who participated in this round.
Breyer Capital made its 1st investment in the Africa technology ecosystem by participating in their Series A. Jim Breyer, the legendary venture capitalist and billionaire is joining their board as an observer. Jim was one of the earliest investors in Facebook and has invested in companies like Spotify, Etsy, Marvel, and Oscar, as well as having served on the boards of several Fortune 100 companies including Walmart and Dell. He currently sits on the board of the Harvard Corporation, 21st Century Fox, and Blackstone.
2017 has been a tremendous year of growth for mPharma. They intend to focus on scaling operations across Africa as they work towards building economies of scale in partnership with providers.
Over the last year, they have grown our provider network to over 70 outlets across West and Southern Africa. Serving more than 20,000 patients each month in cities like Lagos, Warri, Port Harcourt, Aba, Accra, Kumasi, Cape Coast, Lusaka and Ndola
“We want mPharma to be known as an advocate for patients. We will continue to develop products and solutions that enable patients to pay less for their medications and remain adherent to treatments. We want to invite stakeholders in the pharmaceutical industry (manufacturers, distributors and providers) to work with us to place the interest of patients above anything else.”