Echo Series A funding news featured in CITY AM

October 25th, 2017 by Echo

An app that aims to take the hassle out of getting repeat prescriptions has landed a fresh injection of cash from venture capitalists.

Echo, a startup founded by former employees of Apple and Lloyds Pharmacy, has raised £7m in funding led by White Star Capital.

Also participating in the series A round are MMC Ventures, Robin and Saul Klein's LocalGlobe, Global Founders Capital, German startup incubator Rocket Internet and Public.io, the govtech firm founded by Dan Korski, a former advisor to ex-Prime Minister David Cameron.

The app connects with GPs to make ordering and managing prescriptions easier and also reminds users when to take medication and when the prescriptions needs to be renewed.

Echo already has 50,000 users and is one of a handful of apps promoted by the NHS. By automating the process its hoped that it can cut down on the time GPs dedicate to the task, saving money as a result. Initial research by the healthtech startup found that users of the app are more likely to follow directions for taking medication than the general population.

"Echo is bringing smart, data-driven solutions to a problem that affects millions of people, including members of my own family," said White Star Capital managing partner Christian Hernandez who will join the Echo board.

"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."

Echo co-founder and chief executive Sai Lakshmi, who spent several years as a business development manager at Apple, said the fresh cash would go towards scaling the startup.

"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," he said.

Echo was chosen over the summer to join the healthtech accelerator of pharmaceutical giant Pfizer.

The original article was published on CITY AM.

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