Pharmacy tech startup Directo raises $2 million
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The news: Directo, an online B2B marketplace for the pharmacy sector, has successfully completed a $2 million capital raise from sophisticated investors to support its next phase of growth.
The numbers: Directo is running at $40 million annualised revenue, having doubled its revenues each year over the past two years. Directo's platform supports over 3,000 pharmacy retailers, enabling them to order from a database of over 200 suppliers and wholesalers, encompassing around 45,000 multi-category pharmacy products.
The context: The funds will be used to support its next phase of growth, expanding its supplier and pharmacy user base while developing additional value-added services and revenue-generating initiatives.
Directo's platform is transforming the Australian pharmacy wholesale supply chain, a $20 billion annual market, by digitising the pharmacy-to-supplier journey.
The company said it has onboarded over half of the nation's pharmacies and aims to continue assisting retail pharmacies and their suppliers in reducing administrative efforts, improving cash flow management. It has also streamlined processes through electronic invoicing, consolidating credits, payments and the management of supply and invoicing queries.
What they said: Directo founder and managing director Gavin Upiter said: "The strong support from existing investors, including pharmacy owners, in this capital raise is an endorsement of Directo and places our company in a strong position to accelerate the growth of the business".
The source: Directo press release
