Start-Ups: London Based Medino Raises £517,000 to Fund Growth

Healthcare is an area where insurers probably need to drastically re-think their traditional business model. There are good reasons why people don’t buy into life and illness protection products, but there’s no denying that old fashioned pay monthly, direct debit insurance, with a call centre claims handler dealing with the customer when things go wrong, is outdated. People want a range of remedies, plus wellbeing advice, as part of theor mobile, busy lifestyle – the brands that fit into this new paradigm are the ones which will survive.

medino, founded in 2017, aims to make shopping at the pharmacy as convenient as possible, despite an often limited selection of products, high prices and traditional opening hours which are unaligned with working hours.

With a digital focus, the company was founded by Lars Elfversson, Christian Jakobsson, Henrik Blomkvist, and wants to become ‘the pharmacy in your phone’. With an ever-growing catalogue of over 3000 health, well-being and pharmacy products, medino offers same-afternoon shipping for parts of London and at least one free shipping option on all orders. Being present in the market for just a year, medino surpassed 50,000 orders in December 2019.

The new funding enables medino to continue its quick growth, providing an exceptional pharmacy healthcare service much needed by the public. Brands like medino can blend into a healthcare and illness protection product, offering useful data insights on pre-existing conditions and pro-active fitness and diet changes by the end user. There is, like so much else in insurance, a great opportunity within data here.

“We have the opportunity to greatly enhance access to healthcare products for all, at the tip of your fingertips with the privilege of super fast delivery and cut-throat prices. As a father myself it is also a duty to make healthcare accessible for all” says Lars Elfversson, co-founder.

“ This is an opportunity to really disrupt and provide a valuable, reliable service for consumers”, says Gustaf Eriksson, Angel Investor.