Ghana’s healthcare startup, mPharma, has raised a total of $17 million in its latest round of funding. The company has also appointed Helena Foulkes, former president of CVS, the largest pharmacy retail chain in the United States, to its board of directors.
Investors who took part in the funding include CDC Group, Dr. Daniel Vasella, ex-chief executive of Novartis, Silicon Valley investor Jim Breyer, and Dompe Holdings, the family office of the Italian pharmaceutical giant.
In January 2019, the startup raised $9.7 million in its Series B round of funding. To date, mPharma has raised over $40 million since its seed round in 2015. Last year, it used some of those funds to acquire Kenya’s second-largest pharmacy chain, Haltons, from Fanisi Capital. The acquisition was valued at $9.7 million.
mPharma is a Ghanaian-based startup that streamlines last-mile delivery of prescription drugs, and makes them affordable, in under-served markets.
Just this week, Kenyan e-health startup Access Afya raised $90,000 (KSh9.54 million) from MIT Solve as part of a $900,000 (KSh94.5 million) bridge financing round. The funding from MIT Solve will enable Access Afya to expand to 55 locations by the end of 2020 and serve 1 million Kenyans by 2021.
Also, in May this year, Nigeria’s health startup, Helium Health, raised $10 million (KSh1 billion) in its series A round of funding to expand to North and East Africa.