Phlo Pharmacy Delivery Service
Former Glasgow banker raising funds to build an on-demand pharmacy delivery service.
10:16 12 October 2020
Glasgow-based startup Phlo is hoping to raise £1.65million for its on-demand pharmacy delivery service and to introduce product features to ensure patients always remain in control.
Nadeem Sarwar, the company's founder and chief executive, aspires to become the "Deliveroo of pharmacy" after it signed its first contract with the NHS England. Currently, the firm services London and delivers prescriptions to patients by bicycle.
The company's service is in demand due to the global pandemic, which saw the growing need for digital pharmacy and telehealth services. The company has serviced 2,000 patients since June and by last month that figure had doubled.
Mr Sarwar confirms that a crowdfunding campaign will go live on Monday and is hoped to help the firm expand into Birmingham and Manchester. The investment round is backed by the British Business Bank and the Future Fund. Investments will pay 8per cent interest until they are converted to shares at the completion of a follow-up investment round.