Egypt’s digital pharmaceutical platform, Grinta, has raised over $8 million Seed funding to facilitate the growth of its full-stack tech platform, team expansion and growth across the Egyptian market.
According to Techeconomy, the event was co-led by Raed Ventures and Nclude, with participation from investors including Silicon Valley-based Endeavor Catalyst and 500 Global, bringing the total funding to $9.5 million.
Grinta’s 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.
To achieve its goal, the company has partnered with all stakeholders across the value chain, manufacturers, distributors, wholesalers, and pharmacies.
Egypt has strong local manufacturers, three large distributors and more than 3,000 wholesalers all targeting 60,000 fragmented retail pharmacies that are yet to be digitized, which makes it the largest pharmaceuticals market in Africa with a size surpassing $6 billion.
Mohamed Azab, co-founder and CEO of Grinta said, “We are very excited to have the right investor base as our backers that share the same values and vision of making Pharma accessible and affordable across Africa.
“As we plan to expand our footprint in the main Pharma hubs on the continent, we will also enable Egyptian and regional Pharma manufacturers to further penetrate the $50 billion African market.”
Azab added that 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 expanded aggressively across seven governorates in Egypt, with over 14,000 registered pharmacies on its platform, 20,000+ SKUs and has delivered more than 100,000 orders over the last year.
Grinta is founded by serial Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, who are active members of the regional entrepreneurship ecosystem and have successfully built and scaled several healthcare companies over the last 12 years across Africa.
“Grinta is an exceptional team of serial healthcare entrepreneurs on a mission to improve access to and affordability of medicines in Egypt and Africa,” commented Wael Nafee, Partner at Raed Ventures.
“By empowering pharmacies to be more efficient at running their business, fixing a broken supply chain end-to-end, and partnering with all stakeholders in the value chain they will realise this vision.
“We’re proud to be doubling down on Grinta for this funding round as they expand across Africa.
“We’re excited to partner with Grinta to help enable their vision of delivering customer-centric, data-driven, and fintech-enabled solutions to modernise the pharmaceutical supply chain in Egypt and beyond,” said Eslam Darwish, Founding General Partner at Nclude.
“We look forward to supporting the Grinta team on their journey to build a digital and cashless bridge between underserved individual pharmacy owners and all stakeholders across the pharma value chain.
“Grinta represents our 10th investment in Egypt, making Endeavor Catalyst proudly one of the most active international investors in the country.
“But more than attracting attention and capital to the region, Mohamed Azab’s latest achievement advances the entire healthcare industry.
“As an Endeavor Entrepreneur and Board Member, we have witnessed how Azab’s multiplier effect has impacted the local ecosystem.
“Our recent mapping showed that he alone has already inspired, invested, and mentored more than 100 local businesses in the Middle East, and this is only the beginning.
“We are huge fans of Azab and his team, knowing they can lead the next frontier of innovation in Egypt,” said Endeavor Catalyst Managing Partner Allen Taylor.