Accra-based healthtech company mPharma is intensifying its expansion into Francophone Africa after witnessing strong early performance in the region. The company has rapidly grown its business there from zero to a $1.5 million annualized revenue run rate in just seven months, CEO Gregory Rockson recently disclosed. Its “Mutti” pharmacies are now serving tens of thousands of patients each month, providing essential healthcare access across underserved areas.
This success has prompted mPharma to broaden its presence in Francophone Africa further. The company is actively recruiting to build a robust team in countries such as Benin, Togo, and Côte d’Ivoire, with plans to establish hundreds of new Mutti pharmacies and Mutti Doctor offices. This effort is part of its long-term strategy to create a “pharmacy-first” primary care model that will enhance healthcare delivery for patients across the region.
A Strategic Push Amid Broader Investment
The renewed focus by mPharma on Francophone Africa comes on the heels of its latest fundraising round, which secured $13.6 million from a consortium of investors, including Sanofi’s Global Health Unit Impact Fund. This funding, closed in January 2024, followed a period of internal restructuring that saw significant layoffs in 2023 amid broader economic challenges affecting the tech and startup sectors across Africa.
Founded in 2013 by Gregory Rockson, Daniel Shoukimas, and James Finucane, mPharma has built a reputation for revolutionizing how pharmacies in Africa operate. Initially focused on prescription drug management and market intelligence, the company has expanded into telehealth and e-commerce, with the goal of transforming pharmacies into comprehensive health hubs. Its Mutti pharmacies and associated healthcare services are a key part of that vision, delivering a range of affordable healthcare solutions, from primary care consultations to chronic disease management.
In 2022, mPharma raised $35 million in a Series D funding round, bringing its total capital to $65 million. This capital injection supported its technological advancements, including the development of a data infrastructure to power its operations. The funding also enabled the hiring of over 100 engineers and healthcare professionals, reinforcing the company’s position as a leader in healthcare innovation.
Central to mPharma’s growth strategy has been the development of its Bloom pharmacy management software. Bloom allows pharmacies to create structured health data sets that can significantly improve patient care, particularly in underserved communities. The company has also been expanding its telehealth services, with the goal of setting up 100 virtual healthcare centers across its operational markets. These virtual centers have enhanced healthcare accessibility for patients who may otherwise struggle to receive timely consultations.
This initiative ties into mPharma’s broader plan to expand its pharmacy network tenfold over the next three years. With operations in several African markets, including Ghana, Nigeria, Kenya, and Zambia, the company’s goal is to offer more integrated health services through both physical pharmacies and digital platforms.
However, mPharma has not been immune to the economic turbulence affecting the broader African tech ecosystem. In September 2023, the company laid off 150 employees, citing the macroeconomic challenges posed by currency devaluation, particularly the depreciation of the Nigerian naira. These layoffs were part of broader cost-cutting measures aimed at ensuring the company’s long-term sustainability.
“We took these steps to protect the core of our business and ensure we could continue to serve our patients effectively,” CEO Gregory Rockson explained at the time. The company sought to soften the blow for affected employees by allowing them to retain health insurance and extending stock option exercise periods.