Digital pharmacy Phlo closes £10m round to expand across the UK
Scottish digital pharmacy startup Phlo has raised £10m in a Series A funding round, shared exclusively with UKTN. The new funding will support the company’s expansion across the UK.
Founded in Glasgow in 2019, Phlo provides same-day medication deliveries that patients can track on a smartphone app. The company offers one-off and repeat prescription deliveries from the NHS and private healthcare providers, providing reminders when medication is due to run out.
The company also offers a digital pharmacy API that integrates with healthcare providers, such as Babylon and HealthHero, to offer services including digital prescriptions and live patient updates.
The product, called Phlo Connect, capitalises on an increased need for pharmacies to go digital, as sector data shows physical locations are on the decline.
“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,” said Phlo founder and CEO Nadeem Sarwar.
“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.”
The Series A round was led by Scotland-based investment firm Thairm Bio, while additional capital came from Scottish Enterprise and a number of angel investors.
“Phlo’s drive and determination to improve patient access and healthcare outcomes at this pivotal moment for the pharmacy sector is impressive,” said Mark Bamforth, founder of Thairm Bio.
“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.”
The health tech startup previously raised £2m in 2020 in one of the UK’s largest-ever health tech crowdfunding campaigns.
Sarwar described the journey of founding Phlo and his experience in the health tech industry in an interview with UKTN last year.