Phlo Secures £9 Million in Funding: Fuelling Healthcare Innovation

April 17, 2024

Author: Karan Bodh
Phlo Secures £9 Million in Funding: Fuelling Healthcare Innovation

Phlo, a Glasgow-based digital pharmacy, is making waves in the healthcare market with its recent £9 million funding round. Led by Par Equity, along with contributions from Thairm Bio and Scottish Enterprise, this investment marks another milestone in Phlo's journey of growth and innovation.

Founded in 2017 by CEO Nadeem Sarwar, Phlo initially started as a digital pharmacy platform, offering convenient prescription management and delivery services. Over the years, it has evolved into a comprehensive healthcare solution provider, expanding its offerings to cater to diverse needs.

In addition to its core pharmacy services, Phlo now boasts a suite of products aimed at revolutionising the healthcare landscape. Phlo Connect, for instance, is an API-driven digital infrastructure platform designed to streamline operations for healthcare providers. Meanwhile, Phlo Clinic offers on-demand access to clinicians for prescription treatments, ensuring prompt and efficient healthcare delivery. Notably, the company has also ventured into specialised healthcare services with Hello Eve, a brand tailored for women's healthcare needs.

Phlo's strategic expansion efforts were further solidified in 2023 with the acquisition of TruePill's UK arm, enhancing its market presence and technological capabilities. This move underscores Phlo's commitment to staying ahead in the competitive digital pharmacy arena.

With the recent funding infusion, Phlo is poised for even greater growth and innovation. The company plans to bolster its footprint across the UK, expanding its range of services and forging new partnerships in the healthcare sector. This strategic investment reflects the confidence of stakeholders in Phlo's vision and capabilities.

Paul Munn, managing partner at Par Equity, expressed excitement about supporting Phlo's journey towards becoming a comprehensive digital healthcare provider. The investment aligns with Par Equity's focus on backing regional startups and fostering innovation in Scotland and beyond.

Similarly, Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, highlighted Phlo's alignment with the agency's mission of supporting companies that drive economic growth. Scottish Enterprise's continued support underscores the significance of Phlo's contributions to the healthcare ecosystem.

Nadeem Sarwar, CEO of Phlo, acknowledged the challenges faced by the UK's technology sector but expressed gratitude for the vote of confidence from investors. With their support, Phlo is well-positioned to navigate uncertainties and emerge as a leader in digital healthcare.

Looking ahead, Phlo is poised to redefine the healthcare experience through its innovative solutions and unwavering commitment to excellence. As the company continues to expand its offerings and reach, it remains at the forefront of transforming healthcare delivery in the digital age.