Egyptian fintech Grinta snags $8M in seed funding

Cairo-based Grinta, a digital pharmacy platform, has closed an $8 million seed round co-led by Raed Ventures and Nclude.

• Founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, Grinta prides itself as a fintech-enabled B2B tech platform digitizing the pharmaceutical supply chain.
• The Grinta platform gives pharmacies access to the full spectrum of traceable pharmaceutical and medical products from multiple vendors in addition to providing fulfilment, demand planning, and inventory financing.
• The startup works mainly with stakeholders across the value chain, manufacturers, distributors, wholesalers, and pharmacies, to build a data-driven, reliable, and efficient pharmaceutical supply chain.
• 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.
• In a statement, the startup disclosed that the funds will be invested to scale Grinta's full-stack tech platform, expand its team and accelerate its growth across the Egyptian market.
• Other investors in the round include Silicon Valley-based Endeavor Catalyst and 500 Global, bringing its total funding to date to $9.5 million.