UPDATE: CDC Group announces co-investment in mPharma
CDC Group, the UK’s publicly owned impact investor, has closed a co-investment in mPharma, a tech-enabled healthcare company driving supply chain efficiencies for pharmaceutical products across Africa. CDC has made the investment in mPharma alongside Novastar Ventures, a CDC-backed venture capital fund manager, which led the company’s series C funding round.
mPharma partners with community pharmacies, using technology and data to aggregate demands and create efficient supply chains within the vast and fragmented pharmaceutical market in Africa. This approach allows the company to distribute quality pharmaceutical products at a significantly lower cost than competitors and provided affordable and accessible healthcare to end consumers across the continent. mPharma currently operates in Ghana, Nigeria, Kenya, Zambia and Zimbabwe, and serves approximately one million patients annually, through a network of over 400 pharmacies.
The Venture Scale-up Programme aims to invest in early-stage companies that leverage technology and innovative business models to achieve transformational impact at scale. CDC’s investment in mPharma, one of its first through the programme, will enable the company to expand its retail network by an additional 500 pharmacies, reduce the risk of counterfeit medication, and decrease cost of essential medicines to end consumers over the next several years.
Stephen Priestley, managing director, funds and capital partnerships at CDC said, “I am delighted to announce our co-investment in mPharma, alongside Novastar Ventures, a key partner for CDC, to support the company in developing a more efficient supply chain for pharmaceutical products across Africa.”
Gregory Rockson, co-founder and CEO of mPharma said, “We look forward to working with CDC Group due to its deep roots in Africa, extensive government contacts and expertise in environmental, social and governance practices.”
Reach Africa’s private equity community by publishing a Showcase Article on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.