Echo, one of the UK’s leading medication management apps, today announced that it has raised a €7.8 million Series A round of funding led by White Star Capital. Other participants in the round include MMC Ventures, LocalGlobe, Global Founders Capital, Rocket Internet and Public.io. This investment follows a €2 million seed round from LocalGlobe, Global Founders Capital and Rocket Internet in 2016. Echo was founded in 2015 and is headquartered in London.
The NHS spends almost £18 billion a year on medication, but it is thought that between a third and a half of all medicines prescribed for long-term conditions are not taken as recommended. Echo started out to remove the barriers to medication adherence, making it easy for patients to order repeat prescriptions via smartphone and have medication delivered for free. Medication is dispensed via Echo’s network of community pharmacies.
Available for free on iOS, Android and via the official NHS app store, Echo works with with 90% of NHS England GP surgeries and has smart reminders to alert people when to take their medication and when they are running low.
Christian Hernandez, Managing Partner at White Star Capital commented: “Echo is bringing smart, data-driven solutions to a problem that affects millions of people, including members of my own family. The team’s focus on product design and their collaboration with the NHS continuously delights patients while benefiting doctors and the NHS. Echo puts the patient at the centre of the healthcare journey, streamlining medication management and hopefully improving their quality of life.”
Sai Lakshmi, Echo co-founder and CEO, explained: “White Star Capital brings decades of experience to scaling digital businesses and we’re excited to work with them on Echo’s next stage of growth. Our relentless focus on user experience has created a service that improves our quality of life while saving money for a cash-strapped NHS. As someone who uses inhalers to manage my asthma, Echo has simplified a confusing and fragmented monthly chore. With these funds we plan to invest in further R&D, build out our engineering team and scale the business, working with colleagues across the NHS and primary care.”
