Phlo closes £9m investment round to fuel expansion

Phlo has closed a £9m growth investment round that will support it to significantly scale the business’s reach and service offering.

The funding for the Glasgow-based company will help fuel its evolution from a digital pharmacy innovator to a leading UK digital healthcare company.

This latest funding round follows on from the completion of Phlo’s £10m Series A raise 14 months ago, and a year on from the acquisition of the assets of former competitor, TruePill UK. The round’s lead investor was Par Equity, who were joined by Thairm Bio and Scottish Enterprise – who also invested in the 2023 Series A.

Phlo plans to expand its geographic footprint within the UK over the next 12 months, providing more patients with easier access to its growing range of digital healthcare services. This includes the NHS and private medication management service, Phlo Digital Pharmacy; the API-driven digital infrastructure platform for healthcare providers, Phlo Connect; and the recently launched Phlo Clinic, an on-demand treatment service.

Paul Munn, managing partner at Par Equity, said: “We’re delighted to support Phlo in revolutionising the digital healthcare landscape as it continues on its journey of growth.”

He added: “We’re excited to see the developments in Phlo’s next growth phase as we support them to scale across and become an end-to-end digital healthcare provider in the UK.”

Phlo will also continue to expand its technology-based partnerships with both digital and traditional health providers. It will also be focusing on improving and augmenting the technology stack services being delivered to existing partners.

Nadeem Sarwar, founder and CEO of Phlo, said: “In the UK tech sector, the investment climate has been both unpredictable and incredibly challenging for the past two years. Despite this, Phlo’s investors have provided the leadership team with a huge vote of confidence in our business model and product ecosystem.

“This gives additional significance to the close of this fresh investment round, which will unlock huge business and growth opportunities across the entire Phlo network.”