Having grown 600% between January and September 2020 vs the same period in 2019, London-based digital pharmacy startup medino has announced that it has closed a £5.6m funding round to further establish its share of the UK market.
Investors from previous rounds have also continued to contribute in the latest financing round, joining leading investors as well-known major shareholders in other highly successful online pharmacies. Arctic Securities AS acted as sole manager in relation to this most recent round of funding.
Lars Elfversson, CoFounder of medino said, “We have seen how our service has not only managed to cope with increasing demand but the testimonials from customers shows that fast, reliable and safe deliveries of pharmacy products is here to stay. With this funding, we will accelerate our growth and promote our service to the masses.
“We are excited to be at the forefront of the digitisation of pharmacy shopping.”
The team at medino played an important role in helping customers shop their pharmacy essentials without the need to leave their home, particularly through 2020. They’ve delivered more than 100,000 orders since the UK was officially put into lockdown on 16th March and taken on thousands of new customers.
The team are on a mission to make pharmacy shopping more convenient, applying new digital advances to the traditional pharmacy model. Expanding their product offering to over 5000 health, well-being and pharmacy products, maintaining reliable next-day delivery and lower prices than their competitors, they have grown enormously in 2020.
Christian Jakobsson, medino’s Managing Director, states that, “This year has been challenging for us all and the surge in utilising digital services for everyday shopping has been seen across multiple retail verticals. We are proud to have been able to help tens of thousands of customers who have had to isolate and the growth we’ve seen is a testament to our team and the service we provide.”
As a fully-certified, registered UK pharmacy, medino has continually pushed digitisation at the forefront of its operations since it’s inception. The young start-up has made headway to become a major stockist for a number of its brands and they continue to resonate with new and returning customers alike.
Their recent funding allows them to continue to expand their marketing efforts in a bid to attract more customers and provide their consistent service to an ever-growing market.