Grinta, a fintech-enabled B2B tech platform that is digitizing the pharmaceutical supply chain and is based in Egypt, has secured $8 million seed funding round.
Raed Ventures and Nclude co-led the funding round, which also includes 500 Global and Endeavor Catalyst of Silicon Valley.
Grinta, a managed marketplace founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, modernizes the pharmaceutical supply chain by empowering independent pharmacies.
To create a data-driven, dependable, and effective pharmaceutical supply chain, the organization is collaborating with all stakeholders along the value chain, including producers, distributors, wholesalers, and pharmacies.
We are excited to have the right group of investors supporting us since they share our values and the goal of making pharmaceuticals available and inexpensive throughout Africa. We will make it possible for Egyptian and regional pharmaceutical companies to further reach the US$50 billion African market, added Azab, as we seek to increase our presence in the major pharmaceutical hubs on the continent.
Since its founding in 2021, Grinta has purchased two businesses: EME, a software development firm with a strong tech staff, and PH Store, a comparable digital platform in northern Egypt.
With over 14,000 registered pharmacies on its network, more than 20,000 SKUs, and more than 100,000 orders fulfilled in the past year, the company has aggressively expanded across seven governorates in Egypt.
With this fresh round of funding, the startup will be able to scale its full-stack technology platform, add additional team members, and speed up its expansion throughout the Egyptian market.
Read more on Tech Gist Africa:
Blnk, an Egyptian consumer credit startup, secures $32 million in funding
MoneyFellows, a fintech startup based in Egypt, has closed a $31 million Series B round of funding
KarmSolar, an Egyptian cleantech company, has raised $2.4M in funding
