Charac develops a one-stop digital platform for independent community pharmacies to manage the total patient experience and connect patients with local pharmacies. Its technology enables pharmacies to actively manage patient relationships, improve retention, and deliver more primary and secondary care and private services to benefit communities and the NHS. The company has signed up 800 pharmacies and 36,000 patients in the UK. Charac will use the funding to enhance its online platform for independent pharmacies. The funding is intended to support growth in the UK and internationally following the launch of the Government's Pharmacy First scheme. Financial terms of the investment were undisclosed. Charac provides a cloud-native pharmacy app designed to relieve time pressure, increase efficiency and drive growth for independent pharmacies by managing repeat prescriptions, patient records, bookings and consultations. The app is integrated with the NHS and the company has signed up around 800 pharmacies with 36,000 patients currently using the app in the UK; that user base is forecast to reach 100,000 by early 2024. Charac has strategic partnerships with PMR provider Positive Solutions and the National Pharmacy Association and projects capturing roughly 30% of the UK’s estimated 12,000 pharmacies by 2026. The company plans international expansion across Australia, New Zealand and the USA through a licensing and strategic investment deal with MedAdvisor to embed Charac components into MedAdvisor’s Plus One platform. Charac highlights sizeable market opportunity driven by policy shifts such as the UK’s ‘Pharmacy First’ and significant planned NHS investment in community pharmacy services. To date Charac’s total capital raised is £3.5 million, supporting its product rollouts and international licensing plans. Charac is an NHS-integrated pharmacy app designed to lessen independent community pharmacies' operational burdens. The app allows pharmacists to manage repeat prescriptions, access patient records, create bookings and conduct consultations. Over 400 pharmacies have signed onto the app, forecast to rise to 2,000 in 2024, and around 25,000 patients currently use the platform, projected to reach 100,000 by March 2024. Charac aims to help pharmacies prepare for the Government's planned Pharmacy First approach, which will expand pharmacists' scope to prescribe for select conditions. The company partnered with the National Pharmacy Association (NPA) in 2022 to support and accelerate the digital transition of independent community pharmacies, and Royal Mail invested £1.0M to enable prescription delivery to patients' homes. This week Charac raised £1.2M in debt and equity financing, bringing total funding to £2.5M.

Total raised

$4M

Funding rounds

4

Latest round

Equity

Latest activity

Nov 2023