IW Capital invests in e-pharmacy platform SimplyMeds
IW Capital has invested 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 GBP6 million 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.
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 USD1.7 trillion by 2026, and the e-pharmacy market specifically is forecast to reach a CAGR of between 14.22 per cent and 17.3 per cent for the next six to eight years as consumers become ever more reliant on online service providers.
The experienced entrepreneurial management team behind SimplyMeds have a proven exit track record and believe the company is ready for significant scaling.
Dr Saranjit Sihra, Co-Founder of Simply Meds, says: "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, says: “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, says: “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.”