IW Capital announces investment in e-pharmacy platform SimplyMeds
IW Capital is proud to announce their investment in e-pharmacy company SimplyMeds, marking the first external investment in the highly scalable online platform.
SimplyMeds is an end-to-end digital pharmacy platform that provides a convenient method of ordering same day prescriptions and lifestyle products while empowering patients to have medical autonomy. While most online pharmacies are designed to service only one sector, 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.
Bootstrapped by two entrepreneurs with extensive experience in the pharmaceutical industry – one a prescribing pharmacist and one a dentist – the company has grown organically over the last five years from a spare room in a surgery to a material player in London and the South East, with minimal marketing and no external investment prior to IW Capital’s deal.
With a strong growth plan targeting revenue in excess of £6m over the next 18 months, IW Capital’s funding will accelerate SimplyMeds’ development and advance its international market potential through an expansion of distribution channels and a comprehensive sales and marketing spend.
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 experienced entrepreneurial management team behind SimplyMeds have a proven exit track record and believe the company is ready for significant scaling.
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. Global spending on pharmaceutical products is set to reach $1.7 trillion by 2026, and the e-pharmacy market specifically is forecast to reach a CAGR of between 14.22% and 17.3% for the next six to eight years as consumers become ever more reliant on online service providers.
To find out more about IW Capital, or for more information on investment and non-executive opportunities, please speak to a member of the IW Capital team today on 020 7015 2250, or email info@iwcapital.co.uk