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Insider UK
Insider UK
Health
Peter A Walker

Glasgow-based digital pharmacy raises £10 million

Phlo has closed a £10m Series A round led by family office Thairm Bio, alongside Scottish Enterprise and other angel investors.

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 digital infrastructure platform for healthcare providers.

The Glasgow-based company's funding came via a combination of equity investment and the conversion of existing loan notes, and follows the £2m raised in 2020.

The new investment should support the scaling of Phlo’s operations and its partnerships with healthcare providers.

The Digital Pharmacy offering currently gives same-day NHS and private prescription deliveries to patients in Birmingham and London, with plans to launch in Manchester this year. More than 110,000 orders have been delivered since the platform’s launch in 2020, with user numbers more than doubling year-on-year.

The Phlo Connect infrastructure aims to enable healthtech companies and private healthcare providers to offer a seamless digital pharmacy service. Existing partners include Babylon, Leva Clinic, SkinDoc, Syrona Health and The Dermatology Partnership.

Founded by Nadeem Sarwar, Phlo's headcount has just exceeded 70 people.

He commented: “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”.

Mark Bamforth, founder of Thairm Bio, commented: “Phlo’s dedication to building innovative digital solutions that put patients and clinicians at the heart of what they do is key to driving positive change in the sector, empowering patients and healthcare providers.”

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