Looks like UK same-day pharmacy delivery is catching heat. Days after first mover advantage was declared by UK-based startup Healistic, a London/Glasgow competitor has crowded in on its hype by disclosing a £10 million series A round for its same-day platform, Phlo Digital Pharmacy, also billed as first in category.
The series A round is led by family office Thairm Bio, with support from government-owned investor Scottish Enterprise, together with a roster of "high-profile" business angels.
Phlo Digital Pharmacy is already live in Birmingham and London. Availability in another major UK city, Manchester, is anticipated later this year.
The platform launched in 2020 and so far has processed more than 110,000 orders. Given competition to reach more UK markets, Phlo will utilise the series A cash to scale operationally, principally striking up more partnership deals with healthcare providers.
Phlo has a second product on its radar. With its Phlo Connect platform, it wants also to provide digital pharmacy infrastructure for third parties. It's a crucial piece of the puzzle as far as the UK's digital health space is concerned, allowing non-physical clinics to integrate pharmacy services with their existing digital offerings. Babylon, the digital doctor's surgery, has already signed up as have fellow e-health players SkinDoc, Syrona Health and Dermatology Partnership.
Thairm Bio founder Mark Bamforth said Phlo heralded a step change in patient access and healthcare outcomes, coming at a "pivotal moment" for the industry.
Bamforth added: "Phlo’s dedication to building innovative digital solutions that put patients and clinicians at the heart of what they do is key to driving positive change in the sector, empowering patients and healthcare providers.
"On behalf of Thairm Bio, I am proud to support Phlo and personally excited to see what the team achieves in the next stage of their journey.”
Phlo CEO and founder Nadeem Sarwar welcomed the series A round and expressed gratitude to its new and existing investors.
"I would like to thank our existing and new investors for supporting Phlo’s mission as we enter into our next stage of growth," Sarwar said. "The investment raised will help support our expansion across the UK and allow us to continue developing our Phlo Digital Pharmacy and Phlo Connect offering to improve healthcare outcomes."
"This round of investment is particularly crucial in helping us scale our offering and realising our vision of establishing Phlo as the market leader in the delivery of next-generation digital pharmacy services right across the UK.
"We have a very busy roadmap ahead and some incredibly exciting opportunities to take advantage of in 2023 and beyond”.