Phlo, the UK digital pharmacy company headquartered in Glasgow, have closed a £10m Series A round led by family office Thairm Bio.

The funds will be used to expand the reach of Phlo Digital Pharmacy, the first UK digital pharmacy to offer patients same-day medication delivery, and to scale Phlo Connect, the digital infrastructure platform for healthcare providers.

Digital transformation in the pharmacy sector has been accelerating, powered by providers seeking solutions that will equip them to cope with supply chain fluctuations, spiraling operating costs, record workforce shortages, and the predicted closure of up to 30000 high street pharmacy branches by 2024.

Phlo’s flagship product is part of the efforts to address these issues: their Digital Pharmacy offers a same-day NHS and private prescription delivery service to patients in Birmingham and London, and will launch in Manchester in 2023.

Since the platform’s launch in 2020, over 110,000 orders have been dispatched.

Phlo’s Series A round – a combination of equity investment and the conversion of existing loan notes – follows the £2m raised by Plho in 2020 in the third largest recorded healthtech crowdfunding campaign in Europe.

Thairm Bio let the round, alongside support from Scottish Enterprise and a number of other angel investors.

“Phlo’s drive and determination to improve patient access and healthcare outcomes at this pivotal moment for the pharmacy sector is impressive,” Mark Bamforth, Founder of Thairm Bio said.

“Phlo’s dedication to building innovative digital solutions that put patients and clinicians at the heart of what they do is key to driving positive change in the sector, empowering patients and healthcare providers. On behalf of Thairm Bio, I am proud to support Phlo and personally excited to see what the team achieves in the next stage of their journey.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise added: “Phlo is a fantastic example of a growing innovative company that is helping patients and healthcare providers through its technology. With Scottish Enterprise investment, the company can scale up operations and expand its services into new markets.”

The new investment will support the scaling of Phlo’s operations and its partnerships with healthcare providers, ultimately enabling more clinicians and patients to access the benefits of digitised pharmacy services.

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Founder and CEO of Phlo, Nadeem Sarwar said:

“I would like to thank our existing and new investors for supporting Phlo’s mission as we enter into our next stage of growth. The investment raised will help support our expansion across the UK and allow us to continue developing our Phlo Digital Pharmacy and Phlo Connect offering to improve healthcare outcomes.

“This round of investment is particularly crucial in helping us scale our offering and realising our vision of establishing Phlo as the market leader in the delivery of next-generation digital pharmacy services right across the UK.

“We have a very busy roadmap ahead and some incredibly exciting opportunities to take advantage of in 2023 and beyond”.

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