Phlo raising £1.65m for pharmacy delivery service
Adam Hunter, Chief commercial officer; Lauren Nicholson, chief financial officer; and Nadeem Sarwar, CEO (pic: Terry Murden)
A former Glasgow banker is stepping up plans to build an on-demand pharmacy delivery service.
Nadeem Sarwar is hoping to raise £1.65 million for his fledgling company Phlo which had a soft launch in November last year.
Mr Sarwar, founder and chief executive, wants Phlo to become the “Deliveroo of pharmacy” and is targeting big cities after securing its first contract with the NHS in England.
That deal has allowed the firm to establish a firm foothold in London, where it delivers prescriptions to patients by bicycle.
The global pandemic has created a surge in demand for digital pharmacy and telehealth services. By June this year the company had serviced 2,000 patients and by last month that figure had doubled.
Mr Sarwar now plans to move into Manchester and Birmingham, backed by the crowdfunding campaign which goes live on Crowdcube on Monday and is expected to be over-subscribed.
This investment round is backed by the Future Fund and the British Business Bank. Investments will pay 8% interest until they are converted to shares at the completion of a follow up investment round.
The company intends to use the new funding to scale its real-time, same-day delivery service across England and introduce new product features to ensure patients always remain in control.