Online only pharmacy Pharmacy2U bags £7m BGF backing
Funding follows £10m package last year to support merger with rival ChemistDirect and will be used to fuel marketing and long-term growth
Pharmacy2U, the NHS-approved online only pharmacy, has received £7m in funding from the Business Growth Fund (BGF).
Founded in 1999 by Daniel Lee and Julian Harrison, Leeds-based Pharmacy2U offers a home delivery repeat description service for NHS patients, as well as clinical advice and assistance with medication management from qualified pharmacists.
In 2016, Pharmacy2U received £10m from the BGF to support a merger with ChemistDirect – a rival online pharmacy founded by Young Gun Mitesh Soma. Following the deal, the company claims it saw new patient registrations double in six months and monthly prescription volumes double over the last 12.
This latest finance will be used to help the company accelerate its marketing strategy and fuel long-term growth.
Mark Livingstone, CEO of Pharmacy2U, said: “With BGF’s initial investment we were able to successfully merge two of the UK’s leading online pharmacists. BGF has provided us with counsel throughout the year and we are delighted to have secured further investment from them and other shareholders.
“We look forward to implementing our growth strategy and pioneering the most cost effective digital pharmacy service we can.”
Richard Taylor, of BGF, added: “We continue to be excited by the online pharmacy sector and in Pharmacy2U we are backing the leading provider and strongest management team with a clear strategy for further growth. This deal is another example of BGF’s ability to follow our initial investments in the companies we back, and we are delighted to be providing continued support to the business.”