Egyptian startup Grinta said Monday that it raised $8 million in seed funding led by Raed Ventures and Nclude as the company seeks to grow its full-stack tech platform, expanding the team and accelerating growth across the North African country.
Grinta said in a statement that Silicon Valley-based Endeavor Catalyst and 500 Global also participated in the fundraising round, bringing its total funding to $9.5 million. Founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, Grinta is an end-to-end platform that offers access to the full spectrum of traceable pharmaceutical and medical products from multiple vendors in addition to providing fulfilment, demand planning and inventory financing.
“Since inception, Grinta has acquired two companies, PH Store, a similar digital platform in northern Egypt, and EME, a software development company,” Mohamed Azab, co-founder and CEO of Grinta said adding that the company has expanded across seven governorates in Egypt.
Over the past year, Grinta has delivered more than 100,000 orders, with over 14,000 registered pharmacies on its platform and more than 20,000 stock-keeping units (SKUs).
“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 penetrate the $50 billion African market further,” Azab added.
Egypt has strong local manufacturers, three large distributors and over 3,000 wholesalers all targeting 60,000 fragmented retail pharmacies that are yet to be digitised making the country the largest pharmaceuticals market in Africa valued at more than $6 billion.
