Phlo Pharmacy secures £9 Million in funding amidst challenging investor climate

Phlo's pharmacy integrated digital healthcare ecosystem revolutionizes patient care across multiple platform

Phlo Digital Pharmacy, a leading digital healthcare business, has announced the successful closure of a £9 million funding round, bolstering its position in the evolving landscape of digital healthcare.

This investment comes at a crucial juncture, amidst a backdrop of declining investments in digital health startups since 2021.

However, Phlo pharmacy's innovative technology infrastructure and unwavering commitment to digital-first patient care have instilled confidence among investors.

The funding round, led by Par Equity, a prominent investor from their recently unveiled £100 million venture capital fund, Par Equity Ventures I LP, underscores the faith in Phlo's strategic vision.

Thairm Bio and Scottish Enterprise, both previous investors in Phlo's 2023 Series A, have also joined this round, emphasizing the continued support for Phlo's growth trajectory.

Over the past year, Phlo has experienced robust expansion across various verticals, including women's health, weight management, and on-demand prescribing services.

The acquisition of assets from their former competitor, Truepill UK, further solidified Phlo's position in the market.

The strategic infusion of capital is set to fuel Phlo's ambitious plans to enhance its digital health services nationwide. This includes expanding its geographic footprint across the UK to provide easier access to its range of digital healthcare services, encompassing prescription delivery, on-demand treatments, and online consultations.

Additionally, the digital pharmacy aims to strengthen its technology partnerships and augment its existing technology stack to better serve its partners and customers.

Nadeem Sarwar, founder and CEO of Phlo, expressed gratitude for the investors' confidence in Phlo stating that, "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," he said.

Paul Munn, Managing Partner at Par Equity, highlighted their excitement to support Phlo in revolutionizing the digital healthcare landscape and scaling across the UK.

Mark Bamforth, Founder of Thairm Bio, and Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, echoed similar sentiments, applauding Phlo for being the "forefront of trailblazing innovative digital healthcare solutions" and its contribution to the healthcare sector's growth.

Phlo's ecosystem includes Phlo Digital Pharmacy, Phlo Connect, Phlo Clinic, and Hello Eve for on-demand healthcare solutions.