Series A17 April 2024

Phlo secures £9m in Series A follow-on funding led by Par Equity to scale its digital healthcare operations.

Par Equity led the follow-on investment round, backed by Thairm Bio and Scottish Enterprise, to support nationwide scaling.

£9.0MSeries A

Share allotment filed at Companies House

Phlo operates a digital pharmacy platform offering same-day prescription delivery services and healthcare infrastructure solutions in the UK.

Digital healthcare group Phlo has secured £9m in a Series A follow-on funding round led by Par Equity. The capital will be deployed to support the company as it scales its digital pharmacy operations and expands nationwide.

Par Equity invested from its recently launched £100m fund, joined by existing backers Thairm Bio and Scottish Enterprise. The raise follows a period of growth that included the acquisition of Truepill UK and the launch of new services in women health and weight management.

The fresh capital arrives during a difficult period for digital health investments. Phlo intends to use the funds to extend its geographic footprint, increase headcount, and enhance its technology platform for healthcare providers.

From the founder

"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. I’d like to thank Par Equity, Thairm Bio and Scottish Enterprise for their support and belief in Phlo’s vision for the future of healthcare."

Nadeem Sarwar

Founder and CEO at Phlo

Investor perspective

"We’re delighted to support Phlo in revolutionising the digital healthcare landscape as it continues on its journey of growth. At Par Equity, we are committed to backing innovative technology companies with high-growth potential in the North of England, Northern Ireland and Scotland, so with the recent launch of our 100M fund, this investment aligns perfectly with our commitments."