Phlo has closed a £9 million growth investment round which will enable it to significantly expand the company’s reach and service offering.
The funding awarded to the Glasgow-based company will help fuel its evolution from a digital pharmacy innovator to a leading digital healthcare business in the UK.
This latest fundraising follows the completion of Phlo's £10 million Series A fundraising 14 months ago and a year after Phlo's fundraising. acquisition of assets of former competitor TruePill UK. The lead investor in the round was Par Equity, joined by Thairm Bio and Scottish Enterprise – who also invested in the 2023 Series A.
Phlo plans to expand its geographic presence in the UK over the next 12 months, providing more patients with easier access to its growing range of digital health services. This includes the NHS and private medicines management service, Phlo Digital Pharmacy; the API-driven digital infrastructure platform for healthcare providers, Phlo Connect; and the recently launched Phlo Clinic, an on-demand treatment service.
Paul Munn, Managing Partner at Par Equity, said: “We are delighted to support Phlo in revolutionizing the digital healthcare landscape as it continues its growth journey. »
He added: “We are excited to see developments in Phlo’s next phase of growth as we help them scale and become an end-to-end digital healthcare provider in the UK. »
Phlo will also continue to expand its technology partnerships with digital and traditional healthcare providers. It will also focus on improving and increasing the technology services provided to existing partners.
Nadeem Sarwar, founder and CEO of Phlo, said: “In the UK technology sector, the investment climate has been both unpredictable and incredibly challenging over the past two years. Despite this, Phlo's investors gave the management team a huge vote of confidence in our business model and product ecosystem.
“This gives added importance to the closing of this new investment round, which will unlock huge business and growth opportunities across the entire Phlo network.”