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Digital pharmacy Phlo raises £9m for health market expansion

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Glasgow-founded digital pharmacy startup Phlo has secured a £9m investment as it looks to continue its expansion across the health market.

Phlo was founded as a digital pharmacy offering ordering, managing and delivery tracking services for prescription medication.

The company has since expanded its product suite to include a digital infrastructure platform for healthcare providers called Phlo Connect, on-demand access to clinicians able to dispense treatments via Phlo Clinic and healthcare products tailored for women through its Hello Eve brand.

Phlo further consolidated its position in the British digital pharmacy market in April 2023 with the acquisition of the UK assets of American former competitor TruePill.

Following the new cash injection, Phlo plans to geographically expand its UK operations and explore further opportunities in healthcare, including through a new injectable weight loss treatment.

The investment round, which followed a £10m fundraise in February 2023, was led by Par Equity and featured participation from Thairm Bio and Scottish Enterprise.

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

Munn said the firm’s support of Phlo is in line with the investor’s goal of backing regional startups, notably in Scotland, as well as the north of England and Northern Ireland.

The Edinburgh-based group secured £67m last October in the first close of its £100m regional investment fund.

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