mPharma: Ghanaian Healthcare Startup Secures $9.7M In Series B Funding

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The healthcare startup, whose mission is to make prescription drugs easily accessible — by making them more affordable in emerging markets, secured the funding from undisclosed investors. Although there’s no information about the investors as of yet, this document from the company’s US Securities and Exchanges Commission (SEC) filing confirms the figures.

The company, which has a research and development office in Israel, was founded in 2013 by Gregory Rockson (CEO), Daniel Shoukimas (CPO), and James Finucane (CTO). Currently, it operates in Ghana, Nigeria, Zambia and Zimbabwe — partnering over 208 pharmacies; with an aim of increasing patient access to affordable and high quality

A Financial Times report in March last year revealed that at the time, 20 000 patients were being supported a month by mPharma. And the company had helped patients to make cost savings of between 30% and 60% in purchasing medication.

From an initial funding of $5m it received from Social Capital in 2015, mPharma has now raised over $21.3 million in total. Accra-based Golden Palm Investments, 4DX Ventures, US-based Social Capital, and angel investor Shravin Bharti Mittal —  whom Gregory met at a World Economic Forum event in 2012, are some of the company’s investors.

Jbklutse.com