‘Pharmacy in your phone’ closes £5.6m funding round after triple digit growth
A digital pharmacy startup has closed a £5.6m funding round, which it will use to continue expanding its service and network across the UK.
medino has grown 600 per cent between January and September 2020 compared to the same period in 2019, which its founders say is due to consumer habits switching to convenience and online shopping during the Coronavirus lockdown.
Investors from previous funding rounds raised by medino have also contributed to the latest financing, including major shareholders in other highly successful online pharmacies. Arctic Securities AS acted as sole manager in relation to this most recent round of funding.
Since March, medino - which is a fully certified, registered UK pharmacy - has delivered over 100,000 medication orders to customers who were didn’t wish to leave their home, has expanded its offering to over 5,000 health, wellbeing and pharmacy products, and has taken on thousands of new customers.
Owners say their long term vision is to become the natural choice for all pharmacy shopping, applying new digital advances and to become ‘the pharmacy in your phone’.
Lars Elfversson, co-founder of medino, said: “We have seen how our service has not only managed to cope with increasing demand but the testimonials from customers shows that fast, reliable and safe deliveries of pharmacy products is here to stay.
“With this funding, we will accelerate our growth and promote our service to the masses. We are excited to be at the forefront of the digitisation of pharmacy shopping.”
Christian Jakobsson, medino’s Managing Director, said: “The surge in utilising digital services for everyday shopping has been seen across multiple retail verticals.
“We’re proud to have been able to help tens of thousands of customers who have had to isolate and the growth we’ve seen is a testament to our team and the service we provide.”
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