Egypt: Grinta Egyptian fintech company receives $8M in seed funding.

A digital pharmaceutical platform called Grinta, based in Cairo, has raised a $8 million seed round that was jointly led by Raed Ventures and Nclude.

Grinta, a fintech-enabled B2B tech platform that digitizes the pharmaceutical supply chain, was founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed. The Grinta platform offers fulfillment, demand planning, and inventory financing in addition to giving pharmacies access to the entire range of traceable pharmaceutical and medical items from various vendors.

The startup’s major partners include manufacturers, distributors, wholesalers, and pharmacies. Together, they seek to create a data-driven, dependable, and effective pharmaceutical supply chain.With 60,000 fragmented retail pharmacies that have not yet been digitalized, strong local producers, three sizable distributors, and more than 3,000 wholesalers, Egypt has the largest pharmaceuticals market in Africa, with a size over $6 billion.

According to a statement from the startup, the money will be used to scale Grinta’s full-stack tech platform, boost the company’s staff, and propel growth across the Egyptian market.
Endeavor Catalyst and 500 Global, both based in Silicon Valley, are additional investors in the round, bringing the company’s total fundraising to date to $9.5 million.