SG pharmacy platform gets $27m in Bill Gates-backed round

Singapore-based SwipeRx, a pharmaceutical platform, has raised US$27 million in equity and debt in a series B round led by MDI Ventures, with participation from the Bill and Melinda Gates Foundation, Johnson & Johnson Impact Ventures, and Susquehanna International Group.

The SwipeRx team / Photo credit: SwipeRx

The firm, formerly known as mClinica Pharmacy Solutions, will use the fresh funds to accelerate the company’s growth across Southeast Asia, with a strong focus on Indonesia.

Now named after its flagship app, SwipeRx was founded to help digitize the fragmented pharmaceutical network in Southeast Asia. Working with 235,000 pharmacy professionals and 45,000 pharmacies across the region, the company provides digital tools to its clients to better assist in managing their locations and patients.

The platform also lets pharmacists access inventory financing, acquire online knowledge, and manage purchasing.

“We see great potential and promise in SwipeRx’s platform as it strives to address the challenges faced by pharmacies, especially in Indonesia, by connecting different players – big and small – all under one platform,” said Donald Wihardja, CEO of round leader MDI Ventures.

The global digital health market is poised to reach over US$295 billion by 2028, growing at a compound annual growth rate of 15.1%, reported Grand View Research.

SwipeRx was founded by Farouk Meralli in 2012. With over 400 employees, the company is looking to further develop its team, grow its network of pharmacies, accelerate its tech innovation, and expand its healthcare logistics to fulfill B2B commerce.

See also: Series SEA: Who’s investing in the region’s health startups?