London digital pharmacy announces first external investment in ongoing expansion
A London-based e-pharmacy business has announced plans to accelerate its international ambitions having announced its first external investment.
SimplyMeds has received funding from IW Capital which will speed up its development and advance its international market potential through an expansion of distribution channels and a comprehensive sales and marketing spend.
The online pharmacy platform provides a convenient method of ordering same day prescriptions and lifestyle products while empowering patients to have medical autonomy.
Co-founded by two entrepreneurs – one a prescribing pharmacist and one a dentist – SimplyMeds caters to both the private and NHS prescriptions market in what is believed to be a market first, having developed the distribution channels and a highly sophisticated platform to effectively serve both sectors.
Dr Saranjit Sihra, co-founder of Simply Meds commented: “We are very thrilled to have IW Capital onboard in helping us grow the business further and expand our potential nationally as the trusted go-to pharmacy service in the UK.”
Parvinder Sagoo, co-founder of Simply Meds added: “We believe that we are ready to take the next huge leap in our journey and that IWC can help us achieve huge success in our sector. There are very exciting times ahead.”
Douglas Lidgit, investment director of IW Capital, said: “We are excited to be part of the growth story of SimplyMeds. The Founders, Parv and Sunny, have built an extremely successful platform and our investment will enable them to grow the business materially in the next 5 years.”
The e-pharmacy market has been growing year on year for the last five years, and the pandemic has only served to accelerate this trajectory as both doctors and consumers increasingly seek online methods of obtaining over-the-counter, prescription and lifestyle products.
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.