Financial Technology

Egypt’s Grinta raises $8mln seed round

Cairo – Grinta, a financial technology (FinTech)-enabled B2B tech platform digitising the pharmaceutical supply chain, raised $8 million seed funding co-led by Raed Ventures and Nclude.

Other investors include Silicon Valley-based Endeavor Catalyst and 500 Global, bringing its total funding to date to $9.50 million, according to a press release.

The funds will be invested in scaling Grinta’s full-stack tech platform, expanding the team, and accelerating growth across the Egyptian market.

The Cairo-based startup is a managed marketplace that modernises the pharmaceutical supply chain by empowering independent pharmacies. The end-to-end platform offers a seamless and easy-to-use experience, giving access to the full spectrum of traceable pharmaceutical and medical products from multiple vendors in addition to providing fulfillment, demand planning, and inventory financing.

Egypt has strong local manufacturers, 3 large distributors and more than 3,000 wholesalers all targeting 60,000 fragmented retail pharmacies that are yet to be digitised, which makes it the largest pharmaceuticals market in Africa with a size surpassing $6 billion.

Mohamed Azab, Co-founder and CEO of Grinta, said: “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, 20,000+ SKU’s and has delivered more than 100,000 orders over the last year.”

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