£9million investment for digital pharmacy

Glasgow-based Phlo, has closed a £9m funding round to scale up its digital healthcare operation.

It said that the cash would be used to grow from being a digital pharmacy into a “holistic digital healthcare leader.”

This latest round of investment, led by Par Equity, comes 14 months after the completion of its £10m Series A raise and 12 months after the acquisition of the assets of its former competitor, Truepill UK.

“In the UK tech sector, the investment climate has been both unpredictable and incredibly challenging for the past two years,” said Nadeem Sarwar, founder and CEO of Phlo.

“Despite this, Phlo’s investors have provided the leadership team with a huge vote of confidence in our business model and product ecosystem. This gives additional significance to the close of this fresh investment round, which will unlock huge business and growth opportunities across the entire Phlo network. I’d like to thank Par Equity, Thairm Bio and Scottish Enterprise for their support and belief in Phlo’s vision for the future of healthcare.” 

Phlo’s products include its digital pharmacy services; Phlo Connect, an API-driven digital infrastructure platform for healthcare providers; and the newly-launched Phlo Clinic on-demand treatment service. It also has Hello Eve, a dedicated women’s healthcare brand.

Over the next year, it plans to expand its geographic footprint across the UK.

‘We’re delighted to support Phlo in revolutionising the digital healthcare landscape as it continues on its journey of growth. At Par Equity, we are committed to backing innovative technology companies with high-growth potential in the North of England, Northern Ireland and Scotland, so with the recent launch of our 100M fund, this investment aligns perfectly with our commitments,” added Paul Munn, Managing Partner at Par Equity.

“We’re excited to see the developments in Phlo’s next growth phase as we support them to scale across and become an end-to-end digital healthcare provider in the UK.” 

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise stated:

“Phlo is a great example of how SE can support the growth of innovative Scottish companies alongside our private sector investment partners. We remain committed to supporting early-stage technology companies and Phlo fits well with SE’s missions, as a company in the healthcare sector with potential to scale, create jobs and bring strong economic benefits to Scotland.

“It’s great to see the progress Phlo is making in the digital healthcare market, with the launch of several major new products in the last 12 months, and we support its vision of becoming an end-to-end digital healthcare provider to more patients across the UK.”