Glasgow-based digital pharmacy Phlo has secured a further £9m investment to support its growth plans.
The group stated that the new capital from its latest funding round would power “significant scaling” of its digital healthcare business and its “evolution from a digital pharmacy innovator into a holistic digital healthcare leader”.
The latest round of financing comes 14 months after the completion of Phlo’s £10m Series A raise, and a year after its acquisition of the assets of a former competitor, Truepill UK. It follows a year of growth and the launch of several new products across women’s health, weight management, and on-demand prescribing services.
Phlo’s operations comprise digital pharmacy products and healthcare e-commerce brands, with it now planning to expand the geographic footprint of its UK operations to provide people with easier access to its growing range of healthcare services.
Nadeem Sarwar, founder and CEO of Phlo, commented: “In the UK tech sector, the investment climate has been both unpredictable and incredibly challenging for the past two years. 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.”
