ImpactAlpha, January 6 — Accra-based mPharma, launched in 2013, has partnered with more than 155 hospitals, 850 pharmacies to deliver telehealth services and medicine for over 2 million patients in Nigeria, Kenya, Zambia, Malawi, Rwanda, Gabon and Ethiopia.
mPharma worked with partners to provide financing for patients in low-income communities who can’t afford drugs. The company participated in Morgan Stanley’s Sustainable Solutions Collaborative last year.
African expansion
Investors including Social Capital, Novastar and Lux Capital Management provided $30 million of equity. Citigroup provided a $5 million loan.
The Series D financing will support mPharma’s expansion in West and East Africa, said founder Gregory Rockson, as well as “make one or two acquisitions to strengthen our presence on the continent.” It will also build data infrastructure and roll out an e-commerce platform for pharmaceuticals.
