Phlo has raised a further £9 million in funding to power 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 12 months after Phlo’s acquisition of the assets of former competitor TruePill UK.
It follows a year of robust business growth and scale across multiple verticals and the launch of several major new products across women’s health, weight management and on-demand prescribing services.
The round’s lead investor was Par Equity, who made a significant investment from its recently-announced £100m venture capital fund: Par Equity Ventures I LP.
Par Equity was joined by Thairm Bio and Scottish Enterprise, who also invested in Phlo’s 2023 Series A round.
The Phlo ecosystem comprises industry-leading digital pharmacy products and healthcare eCommerce brands. This includes the NHS and private medication management service, Phlo Digital Pharmacy, the UK market-leading API-driven digital infrastructure platform for healthcare providers, Phlo Connect, and the newly-launched Phlo Clinic on-demand treatment service, alongside Hello Eve, a dedicated women’s healthcare brand, which both provide patients with on-demand, regulatory-approved treatments from qualified clinicians.
Over the next 12 months, Phlo plans to expand the geographic footprint of its UK operations to provide patients easier access to its growing range of digital healthcare services – from at-home prescription delivery to treatments and services delivered online. This includes their new weight management service and their ever-expanding women’s healthcare service.
There will also be a continued expansion of Phlo’s technology-based partnerships with both digital and traditional health providers, in tandem with work to improve and augment the technology stack services provided to existing partners. Strategic headcount growth at all levels across the company will deliver the capacity and additional expertise necessary for growth.
“In the UK tech sector, the investment climate has been both unpredictable and incredibly challenging for the past two years,” said Nadeem Sarwar, founder and CEO.
“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.
“I’d like to thank Par Equity, Thairm Bio and Scottish Enterprise for their support and belief in Phlo’s vision for the future of healthcare.”
Paul Munn, managing partner at Par Equity, commented: ‘We’re delighted to support Phlo in revolutionising the digital healthcare landscape as it continues on its journey of growth.
“At Par Equity, we are committed to backing innovative technology companies with high-growth potential in the North of England, Northern Ireland and Scotland, so with the recent launch of our 100m fund, this investment aligns perfectly with our commitments.
“We’re excited to see the developments in Phlo’s next growth phase as we support them to scale across and become an end-to-end digital healthcare provider in the UK.”