Home Business NewsBusinessBusiness Growth News Pharmacierge raises £2.4 million with 90% of the funding from its clinician users

Pharmacierge raises £2.4 million with 90% of the funding from its clinician users

by LLB Finance Reporter
20th Apr 23 2:46 pm

Pharmacierge, the healthtech company that pioneers medicine (ePrescription) delivery apps for private clinicians, today announces that it has raised a further £2.4m, to extend its national leadership through its e-prescribing platform mPrescribe®.

This investment is an industry first, as 90% of the funding round was raised from Pharmacierge’s own users — including 80 prominent UK clinicians. The round also includes new and repeat investments from current or former Managing Directors at Goldman Sachs, Merrill/Bank of America, Citigroup and Tullett Prebon.

Pharmacierge co-founder and CEO Edward Ungar said, “This latest round represents a profound and unique endorsement of Pharmacierge by the very same Consultants and GPs who use it most often. They’ve recognised the huge value in our product, and have not only validated that as users, but also as investors.”

Dr Stephanie Barrett, Consultant Rheumatologist, MB, ChB, MD, FRCP commented, “Having long experienced the time-saving benefits that the Pharmacierge service offers clinicians and patients, it was a simple decision to invest in a business that I both understood and trusted.”

Pharmacierge has now raised nearly £4m, with over £3m originating from among its 4,000 clinician users  It is also notable that over 30% of the clinician investors are women, a much higher percentage than the average 13% of female investors in private companies. The investment will be used to power its next phase of growth combining dispensing robotics with AI to manage the vast range of medicines it supplies.

Pharmacierge’s clinician-facing app, mPrescribe® combines proprietary Electronic Prescription (EPS) and dispensary management (ERP) systems, to handle the compliance and complexity of this tightly regulated industry at scale. Pharmacierge operates its own 2,500 sq ft dispensary in Wimpole Street, adjacent to The Royal Society of Medicine. Due to the variety of specialisms it supports, its formulary contains more than double the average range of pharmacy medicines.

This union of technology and dispensary solves key clinical management challenges: combining seamless dispensing with courier delivery and updating practices and patients on their prescriptions’ progress. Pharmacierge is led by a team with decades of prior experience at Google, Babylon Health, HCA and The Doctors Laboratory.

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