In order to build its full-stack tech platform, grow its staff, and spur expansion across the Egyptian market, Cairo-based company Grinta, a FinTech-enabled B2B tech platform digitizing the pharmaceutical supply chain, has secured US $8 million in a preliminary fundraising round.
Grinta, a controlled marketplace founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, modernizes the pharmaceutical supply chain by empowering independent pharmacies. The whole range of traceable pharmaceutical and medical items is accessible through the end-to-end platform, which also offers fulfillment, demand forecasting, and inventory finance.
To create a data-driven, dependable, and effective pharmaceutical supply chain, the organization is collaborating with all stakeholders throughout the value chain, including producers, distributors, wholesalers, and pharmacies.
Raed Ventures and Nclude co-led Grinta’s $8 million seed round, which brings the company’s total financing to $9.5 million, and 500 Global and Endeavor Catalyst, all of Silicon Valley.
“We are very excited to have the right investor base as our backers that share the same values and vision of making pharma accessible and affordable across Africa. As we plan to expand our footprint in the main pharma hubs on the continent, we will also enable Egyptian and regional pharma manufacturers to further penetrate the US$50 billion African market,” said Azab.
“Since inception in 2021, Grinta has acquired two companies, PH Store, a similar digital platform in northern Egypt, and EME, a software development company with a solid tech team. As a result, the company has expanded aggressively across seven governorates in Egypt, with over 14,000 registered pharmacies on its platform, over 20,000 SKUs, and has delivered more than 100,000 orders over the last year.”
Grinta has a remarkable group of experienced healthcare entrepreneurs that are dedicated to enhancing the availability and cost of medications in Egypt and Africa, according to Wael Nafee, a partner at Raed Ventures.
“By empowering pharmacies to be more efficient at running their business, fixing a broken supply chain end-to-end, and partnering with all stakeholders in the value chain they will realise this vision. We’re proud to be doubling down on Grinta for this funding round as they expand across Africa,” he said.
