Funding Alert

Grinta, a digital pharma company based in Cairo, raises $8 million in a seed round

• ByStartupStory     |    November 23, 2022

Grinta, an Airo-based digital pharmaceutical platform, has raised $8 million in early funding, which was provided by Raed Ventures and Nclude. This round of fundraising, which included participation from Endeavor Catalyst and 500 Global, brought Grinta’s total funding to date to $9.5 million.

According to a Wamda report, the money obtained in this round will be used to scale Grinta’s full-stack tech program, extend the staff, and speed up expansion in the Egyptian market.

About Grinta

It is an end-to-end marketplace that, by enabling independent pharmacies, digitalizes the pharmaceutical supply chain. It offers a user-friendly interface and provides access to a large selection of traceable pharmaceutical and medical products from various vendors. Additionally, Grimta oversees demand forecasting, inventory financing, and order fulfillment.

Ali Youssef, Yosra Badr, Hamza Mohamed, and Mohamed Azab founded it.

“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,” said Mohamed Azab, co-founder and CEO of Grinta. He added that in the past year alone, the company registered over 14,000 pharmacies on its platform across seven governorates in Egypt and shipped more than 100,000 orders.

The Egyptian Pharma market

Egypt is home to effective local manufacturers, three sizable distributors, and more than 3,000 wholesalers who all target 60,000 dispersed retail pharmacies. These have not yet been digitalized, making it the largest pharmaceutical market in Africa, surpassing $6 billion in size, according to a Wamda report.

“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 [Grinta] will realize this vision,” said Wael Nafee, Partner at Raed Ventures.

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