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Goodman Derrick's corporate team advise high growth e-pharmacy SimplyMeds on leading PE house IW Capital's equity investment
Goodman Derrick’s Corporate team are pleased to announce that they have advised e-pharmacy company SimplyMeds on their first external investment as the company seeks to rapidly scale their online platform.
SimplyMeds – an end-to-end digital pharmacy platform that provides a convenient method of ordering same day prescriptions and lifestyle products - caters to both the private and NHS prescriptions market after the founders developed both the distribution channels and a highly sophisticated e-platform to serve both sectors effectively. The founding entrepreneurs, Dr Saranjit Sihra and Parvinder Sagoo, have grown the company 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.
Following IW Capital’s investment the company is targeting growth with projected revenue in excess of £6 million over the next 18 months. The funding will accelerate SimplyMeds' development and advance its international market potential through an expansion of distribution channels and sales and marketing capability.
Parvinder Sagoo, Co-Founder of Simply Meds, commented:
“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.”
Richard Pull, commented:
“It was pleasure to work on this significant deal for SimplyMeds as the founders seek to implement their ambitious growth plans. They have a strong backer in IW Capital and they are now well placed to take advantage of market forces and move into a fast growth phase.”
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