Ghana-based drug dispensary discount provider MPharma has attracted $17m of funding from investors including biopharmaceutical company Dompe Holdings, VentureBurn reported yesterday.
The round was led by the UK’s foreign development finance agency, CDC Group, and also featured private investors Daniel Vasella and Jim Breyer.
Founded in 2014, MPharma negotiates drug prices from wholesalers on behalf of a network of African pharmacies, offering medicine at a discount through a customer membership scheme.
The company also has plans to open Covid-19 testing centres in repurposed private laboratories in Ghana, Nigeria, Kenya, Zambia and Zimbabwe. It raised more than $9m of series B funding from undisclosed investors in January 2019 according to media reports.
MPharma secured $6.6m in a 2017 series A round featuring Social Capital, Golden Palm Investments and unnamed family offices and individuals, having disclosed $5m of equity funding the previous year according to a regulatory filing.