Scotland-based digital pharmacy Phlo has reportedly raised 10 million pounds (about $12 million) in Series A funding.
The digital pharmacy will use the new capital to expand the reach of both Phlo Digital Pharmacy, which offers patients same-day delivery of medications in two British cities, and Phlo Connect, which provides healthcare providers with a digital infrastructure platform, Tech Funding News reported Friday (Feb. 3).
“This round of investment is particularly crucial in helping us scale our offering and realizing our vision of establishing Phlo as the market leader in the delivery of next-generation digital pharmacy services right across the U.K.,” Phlo founder and CEO Nadeem Sarwar said in the report. “We have a very busy roadmap ahead and some incredibly exciting opportunities to take advantage of in 2023 and beyond.”
Research has found that pharmacies and convenience stores are focused on engagement as they invest in payment innovations.
An influx of independent, mobile-only online competitors is driving up competition in the space, according to “The Instant Payments Transformation Guide: Grocery, Pharmacy and Convenience Retailers,” a PYMNTS and ACI Worldwide collaboration.
In response, convenience stores and pharmacies are driving engagement through features that reward consumers for shopping and remove friction from transactions, the report said.
Among the changes they’re making is the planned adoption of real-time payments, which makes checkout and refunds faster for consumers, more closely mimics the online experience and increases liquidity for merchants, per the report.
Phlo Digital Pharmacy currently provides same-day delivery of National Health Service (NHS) and private prescriptions in Birmingham and London and plans to launch the service in Manchester this year, according to the press release.
The firm’s other offering, Phlo Connect, is a digital pharmacy service used by HealthTech companies and private healthcare providers, the release said.
The funding round was led by Thairm Bio, which invests in life science entrepreneurs and disruptive companies, and included Scottish Enterprise, per the release.
