Investor group backs mPharma’s Series D with $35mln

Image Credit: mPharma

A group of investors has teamed up to back Ghana-based mPharma’s Series D round with $35 million last week, bringing the total amount of capital raised by the health tech startup to $65 million since it launched in 2013. The fund investors – Lux Capital, Unbound, Northstar, Social Capital, Novastar, TO Capital, and JAM Fund – are providing $30 million as equity between them. Citi is providing $5 million as debt. The financial and valuation terms of the transaction have not been made available.

mPharma will use the capital to expand the startup’s data structure, aggressively hire new people and triple the number of its employees over the next 3 years, and develop a new eCommerce solution for pharmaceutical companies as part of its plans to expand its revenues in its existing and new markets.

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