Grinta, a fintech-enabled B2B tech platform, has raised US$8 million in a Seed round co-led by Saudi Arabia’s Raed Ventures and Nclude, an Egyptian fintech fund managed by Dubai-based Global Ventures.
Other investors that participated in the round include Silicon-based Endeavor Catalyst and 500 Global, bringing the total funding raised by Grinta to $9.5 million.
Founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef and Hamza Mohamed, Grinta aims to digitise the pharmaceutical supply chain by providing fulfilment, demand planning, and inventory financing to multiple stakeholders across the value chain such as manufacturers, distributors, wholesalers, and pharmacies.
“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,” Mohamed Azab, Co-Founder and CEO of Grinta, tells StartupScene. "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 $50 billion African market.”
Since its founding, Grinta has acquired two companies: PH Store, a pharmaceutical digital platform in Northern Egypt, and EME, a software development company. As a result, Grinta has over 14,000 registered pharmacies and 20,000 stock-keeping units on its platform, and has delivered more than 100,000 orders over the last year.
The latest funding will be used to scale Grinta’s technology platform, expand its team, and accelerate growth across the Egyptian market.
Source: https://cairoscene.com/Business/Egyptian-Digital-Pharma-Platform-Grinta-Raises-8-Million-Seed-Round