Sponsored by Phlo
Phlo, the UK’s first real-time, on-demand Digital Pharmacy service hit its £1.65m crowdfunding target on Crowdcube in less than 24 hours and is now overfunding. The funding round has already attracted over 600 investors and has raised over £1.8m to date.
Phlo Digital Pharmacy, launched in November 2019, now plans to extend their crowdfunding campaign due to the high level of demand.
Phlo is the UK’s first same-day, on-demand digital pharmacy service, and is a is a fully authorised NHS pharmacy, underpinned by a state-of-the-art technology platform which combines their pharmacy operations, logistics and patient communications.
Founded by former banker Nadeem Sarwar, the firm has established a strong foothold in London, where it delivers medication to patients in under four hours.
This real-time, on-demand service is not currently offered by any other online pharmacy service in the UK and Phlo aims to expand their service to other major cities across England, including Birmingham and Manchester.
Mr Sarwar, who had the idea for the business five years ago when he visited Babson College near Boston with Adam Hunter, now Phlo Chief Commercial Officer, said the plan is to scale up “city by city”.
“There are 36 million patients on prescription in England. About 1% have gone online. My firm belief is the next five million patients will go online in the next two years – it is our job to go and grab a nice slice of that market share.”
From launch last year, demand and patient numbers have been growing consistently, but in the period since COVID-19 became a significant public health issue, growth has exceeded all expectations.
Since the start of the year, Phlo has seen an impressive average 73% growth in MOM revenue, 43% average growth in MOM patient numbers and a 93% uplift in staff numbers. Phlo has serviced over 5000 patients to date from Jersey to Orkney.
Phlo is headquartered in Glasgow and currently employs 32 members of staff across high-value pharmacy and technology roles. The Pharmacy operations team is situated in central London.
First Digital Pharmacy Crowdfund in UK
This is the first UK Digital pharmacy crowdfund and interest has been high. The initial target of £1.65m was hit in the first 24 hours and the campaign is set to continue until 11thNovember 2020.
Mr Sarwar commented: “I’ve been blown away by the level of support we have received both from our patients and the public. The funds raised from this crowdfunding round will help us to expand our operations in major cities in England and allow us to continue on our path to building the most technology advanced digital pharmacy platform in the UK”
Phlo has also received investment from the UK Government Future Fund in the form of a convertible loan note. Investments will pay 8% interest until they are converted to shares at the completion of a follow – up investment round. Longer term, the company is eyeing up venture capital funding.
To find out more about Phlo’s crowdfunding opportunity, please visit www.crowdcube.com/phlo.