Citigroup Inc joined other investors in helping mPharma, a Ghanaian health startup, to raise $35 million for further expansion in Africa.
Funders, including Jam Fund Management II LLC, Social Capital and Lux Capital Management Capital LLC provided equity of $30 million, while Citigroup approved a loan of $5 million for the venture, mPharma co-founder and Chief Executive Officer Gregory Rockson said by email.
“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.”
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 and diagnostic services.
Outside of Ghana, mPharma operates in Nigeria, Kenya, Zambia, Malawi, Rwanda, Gabon and Ethiopia.
