Ghanaian health tech startup mPharma raised $35 million in the Series D round. The venture raised $30 million in equity and $5 million in debt from Citibank. To date, mPharma has raised $65 million.
Investors that participated in the round are JAM Fund (venture capital firm founded by Justin Mateen of Tinder); Unbound (investment firm by Shravin Mittal): Bharti Global limited and Lux Capital, a New York-based VC firm. Other investors are Northstar, Social Capital, Novastar and TO Ventures.
MPharma plans to grow its community (Mutti) pharmacies across eight markets in Africa to be the first point of care for patients. The venture was founded in 2013 by Gregory Rockson, Daniel Shoukimas and James Finucane.
mPharma works in a place where there is an average of 0.23 doctors for every 10,000 people. Due to COVID, the venture also added telehealth services to its platform. The startup’s Mutti are basically mini-hospitals offering a wide range of services, including medical consultation, diagnostic and telehealth services (added due to the pandemic). All these efforts are made to increase access and affordability to quality healthcare in Africa. Patients from Ghana, Gabon, Nigeria, Kenya, Zambia, Rwanda and Ethiopia are benefitting from this.