Grinta, Egyptian Digital Pharmacy Startup Secures $8m in Seed Funding Round

In order to build its full-stack tech platform, grow its staff, and spur expansion across the Egyptian market, Cairo-based startup Grinta, a fintech-enabled B2B tech platform digitizing the pharmaceutical supply chain, has acquired 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 products are 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 company is collaborating with all stakeholders along the value chain, including producers, distributors, wholesalers, and pharmacies.

Raed Ventures and Nclude co-led Grinta’s US$8 million seed round, which brings the company’s total funding to date to US$9.5 million. Silicon Valley-based Endeavor Catalyst and 500 Global also participated.

We are thrilled 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.

Grinta has a remarkable group of experienced healthcare entrepreneurs that are dedicated to enhancing the availability and affordability of medications in Egypt and Africa, according to Wael Nafee, partner at Raed Ventures.

“They will achieve this aim by giving pharmacies the tools they need to manage their operations more effectively, by repairing a damaged supply chain from beginning to end, and by collaborating with all value-chain stakeholders. We’re pleased to be investing more money in Grinta as they grow across Africa, he added.