British International Investment

mPharma Data Inc

East AfricaWest AfricaConsumer - Health

mPharma is a tech-enabled healthcare company developing a more-efficient supply chain for pharmaceutical products across Africa.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

This investment is part of our 'VC Scale-up' strategy to support the growth of the most impactful companies in our venture capital funds portfolio. Our investment in mPharma supports the company's plan to transform the pharmaceutical value chain in Africa in order to improve affordability, accessibility and quality of medicines for the mass market.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



Improve healthcare outcomes by improving accessibility and affordability to safe and high-quality medicines (SDG 3.8).



Catalysing markets: Aggregating purchasing power across a highly fragmented market enabling efficiencies and bringing down costs.


Stakeholder Geography Characteristics

Current key markets: Ghana, Nigeria, Kenya, Rwanda, Zambia and Ethiopia.

The company has a clear intent and ambition to reach the low-income mass market.

How much?

Scale Depth/Duration

The company’s ambition is to reach millions of patients by providing affordable and high-quality medicines and health services.

  • Improved affordability of medicines.
  • Better inventory availability for partner pharmacies.
  • Improved quality (currently 30 per cent of drugs in Africa are counterfeit).
  • Access to diagnostics at owned and partner pharmacies.
  • Increased access to primary care services.


  • Financial additionality: The commercial market does not offer capital in sufficient quantities to meet the company's plans or needs.
  • Value additionality: We will support and safeguard’s mPharma’s developmental strategy.

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.

This investment is made under an approved Catalyst Strategy, and therefore does not require a grid score.


Alignment Risk
  • the impact case relies on the business’ ability to scale up in what remains a challenging and early-stage market.
Execution Risk
  • Given the broad set of measures taken by the company during the accelerated COVID-related expansion (in processes, infrastructure and IT) as well as CDC’s continued effort around value-add governance activities, we have confidence the company can handle increased growth and international expansion.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    East Africa, West Africa

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.

    Ghana, Kenya, Nigeria

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Consumer - Health

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    March 2020
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


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