Grinta raises $8 million in a seed round.
Raed Ventures and Nclude in Egypt led an $8 million investment in Grinta, a B2B digital platform that employs fintech to modernize the pharmaceutical supply chain. Other investors in the firm include Endeavor Catalyst, which is also based in Silicon Valley, and 500 Global, which has given $9.5 million thus far.
The funds will be used to recruit additional employees, expand Grinta’s infrastructure, and accelerate the company’s development across the Egyptian market.
“We are overjoyed to have the right investor base as supporters who share our beliefs and vision of making Pharma accessible and affordable across Africa,” said Mohamed Azab, co-founder and CEO of Grinta. While we’re at it, we’ll assist Egyptian and regional pharmaceutical businesses in breaking into Africa’s $50 billion pharmaceutical market by expanding our footprint in the continent’s key pharmaceutical hubs.
Grinta, managed by specialists, integrates tiny pharmacies into the pharmaceutical supply chain of the twenty-first century. Access to a large range of trackable pharmaceutical and medical goods from a variety of vendors is only one of the many advantages of the end-to-end platform, which also supports fulfillment, demand forecasting, and inventory financing via a simplified and user-friendly interface. The firm engages with all stakeholders along the value chain, including manufacturers, distributors, wholesalers, and pharmacies, to develop a data-driven, reliable, and efficient pharmaceutical supply chain.
Strong local manufacturers, three substantial distributors, and over three thousand wholesalers all target Egypt’s 60,000 undigitized but highly profitable retail pharmacies making Egypt the continent’s largest medicines market.
“Since its founding in 2021, Grinta has purchased two companies: PH Store, a comparable digital platform in northern Egypt, and EME, a software development business with a strong tech team,” Ayman Azab stated. As a consequence, the firm has rapidly grown throughout seven governorates in Egypt, with over 14,000 registered pharmacies on its network, 20,000+ SKUs, and over 100,000 orders fulfilled in the previous year.
Grinta was founded by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, all of whom have extensive experience in the African healthcare business and are active members of the region’s entrepreneurial ecosystem. With an anticipated 300 employees, the founders have assembled a team of impact-driven, top talent from a variety of sectors.
We’re excited to collaborate with Grinta to help them achieve their objective of changing Egypt’s pharmaceutical distribution system with customer-centric, data-driven, and fintech-enabled solutions. Eslam Darwish, the founding general partner, stated it this way. We’re thrilled to be working with the Grinta team to link unreachable independent pharmacy owners with the rest of the pharma value chain through digital and cashless means.
Endeavor Catalyst is making its tenth investment in Egypt, making it one of the country’s most active foreign investors.