Phlo have today announced the close of a £9 million funding round, accessing additional investment for their group of businesses amid a challenging investor market. The new capital will power significant scaling of the digital healthcare business, and its evolution from a digital pharmacy innovator into a holistic digital healthcare leader.
The raise comes at a difficult time in the market, where investment in digital health startups has declined year-on-year since 2021. However, Phlo’s innovative in-house technology stack and commitment to digital-first patient care and health outcomes has been a major driving force in investment confidence.
This latest round of financing comes 14 months after the completion of Phlo’s £10m Series A raise, and 12 months after Phlo’s acquisition of the assets of their former competitor, Truepill UK. It follows a year of robust business growth and scale across multiple verticals and the launch of several major new products across women’s health, weight management and on-demand prescribing services.
The round’s lead investor was Par Equity, who made a significant investment from their recently-announced £100 million venture capital fund: Par Equity Ventures I LP. Par Equity was joined by Thairm Bio and Scottish Enterprise, who also invested in Phlo’s 2023 Series A.
The Phlo ecosystem comprises industry-leading digital pharmacy products and healthcare e-commerce brands. This includes the NHS and private medication management service, Phlo Digital Pharmacy, the UK market-leading API-driven digital infrastructure platform for healthcare providers, Phlo Connect, and the newly-launched Phlo Clinic on-demand treatment service, alongside Hello Eve, a dedicated women’s healthcare brand, which both provide patients with on-demand, regulatory-approved treatments from qualified clinicians.
Over the next 12 months, Phlo plans to expand the geographic footprint of its UK operations to provide patients easier access to their growing range of digital healthcare services – from at-home prescription delivery to treatments and services delivered online. This includes their new weight management service and their ever-expanding women’s healthcare service.
There will also be a continued expansion of Phlo’s technology-based partnerships with both digital and traditional health providers, in tandem with work to improve and augment the technology stack services provided to existing partners. Strategic headcount growth at all levels across the company will deliver the capacity and additional expertise necessary for growth.
