Phlo has closed a £9m development funding spherical that may assist it to considerably scale the enterprise’s attain and repair providing.
The funding for the Glasgow-based firm will assist gas its evolution from a digital pharmacy innovator to a number one UK digital healthcare firm.
This newest funding spherical follows on from the completion of Phlo’s £10m Sequence A increase 14 months in the past, and a yr on from the acquisition of the property of former competitor, TruePill UK. The spherical’s lead investor was Par Fairness, who had been joined by Thairm Bio and Scottish Enterprise – who additionally invested within the 2023 Sequence A.
Phlo plans to broaden its geographic footprint throughout the UK over the subsequent 12 months, offering extra sufferers with simpler entry to its rising vary of digital healthcare providers. This contains the NHS and personal treatment administration service, Phlo Digital Pharmacy; the API-driven digital infrastructure platform for healthcare suppliers, Phlo Join; and the not too long ago launched Phlo Clinic, an on-demand remedy service.
Paul Munn, managing associate at Par Fairness, mentioned: “We’re delighted to assist Phlo in revolutionising the digital healthcare panorama because it continues on its journey of development.”
He added: “We’re excited to see the developments in Phlo’s subsequent development section as we assist them to scale throughout and turn into an end-to-end digital healthcare supplier within the UK.”
Phlo will even proceed to broaden its technology-based partnerships with each digital and conventional well being suppliers. It is going to even be specializing in bettering and augmenting the expertise stack providers being delivered to current companions.
Nadeem Sarwar, founder and CEO of Phlo, mentioned: “Within the UK tech sector, the funding local weather has been each unpredictable and extremely difficult for the previous two years. Regardless of this, Phlo’s traders have offered the management group with an enormous vote of confidence in our enterprise mannequin and product ecosystem.
“This offers further significance to the shut of this contemporary funding spherical, which can unlock big enterprise and development alternatives throughout your entire Phlo community.”