Citigroup backs Ghana health startup’s Africa expansion plan

Bloomberg

Citigroup joined other investors in helping mPharma, a Ghanaian health startup, to raise $35 million for further
expansion in Africa.
Jam Fund Management II, Social Capital and Lux Capital Management provided equity of $30 million, while Citigroup approved a loan of $5 million for the venture, mPharma CEO Gregory Rockson said.
Founded in 2013, mPharma is building a drug monitoring system, connecting patients, hospitals and pharmacies, with a goal of ensuring reliable and safe
access to medicines.
The startup is also expanding its so-called Mutti community pharmacies to include consultation with doctors and diagnostic services.

“We will mostly focus on growth in West and East Africa. The funds will go towards hiring engineers and operational teams across markets,” Rockson said. “We will also look to make one or two acquisitions to strengthen our presence on the continent.”
Outside of Ghana, mPharma operates in Nigeria, Kenya, Zambia, Malawi, Rwanda, Gabon and Ethiopia.