{"id":19584,"date":"2022-11-22T06:00:29","date_gmt":"2022-11-22T06:00:29","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=19584"},"modified":"2022-11-22T15:41:10","modified_gmt":"2022-11-22T15:41:10","slug":"egyptian-pharmacy-start-up-grinta-secures-8-million-in-early-funding-round","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/11\/22\/egyptian-pharmacy-start-up-grinta-secures-8-million-in-early-funding-round\/","title":{"rendered":"Egyptian pharmacy start-up Grinta secures $8 million in funding round"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Cairo-based digital <a href=\"https:\/\/www.meretailnews.com\/2022\/09\/06\/spinneys-joins-forces-with-aster-pharmacy-to-add-health-spin-to-its-supermarkets\/\">pharmacy<\/a>\u00a0<\/span><span data-preserver-spaces=\"true\">start-up<\/span><span data-preserver-spaces=\"true\"> Grinta has grabbed $8 million in an early funding round to scale its technology platform and accelerate its growth across Egypt.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The seed round was co-led by Saudi Arabia\u2019s\u00a0<\/span><span data-preserver-spaces=\"true\">Raed Ventures<\/span><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><span data-preserver-spaces=\"true\">NClude<\/span><span data-preserver-spaces=\"true\">, an Egyptian fintech fund managed by Dubai-based Global Ventures.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Grinta CEO and co-founder, Mohamed Azab, said: \u201cAs 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.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The latest funding will also be used to expand the company\u2019s workforce of 300 employees.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Grinta is a managed marketplace that modernises the <a href=\"https:\/\/www.meretailnews.com\/2022\/10\/18\/aster-dm-healthcare-brings-wellness-brand-to-saudi-arabia\/\">pharmaceutical supply<\/a> chain by empowering independent pharmacies. The end-to-end platform allows for seamless access to the full spectrum of traceable pharmaceutical and medical products from various vendors.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Founding general partner at Nclude, Eslam Darwish, said: \u201cWe\u2019re excited to partner with Grinta to help enable their vision of delivering customer-centric, data-driven, and fintech-enabled solutions to modernize the pharmaceutical supply chain in Egypt and beyond.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0&#8220;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.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Since its inception in late 2021, Grinta has been resiliently striving to make pharmaceuticals more accessible and affordable across Egypt and Africa.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Today, Grinta has more than 14,000 registered pharmacies and around 20,000 stock-keeping units on its platform and has delivered more than 100,000 orders in the past year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Partner at Raed Ventures, Wael Nafee, said that the venture capital fund is proud to double down on Grinta\u2019s \u201cexceptional team of serial healthcare entrepreneurs on a mission to improve access to and affordability of medicines in Egypt and Africa\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBy empowering pharmacies to be more efficient, fixing a broken supply chain end-to-end and partnering with all stakeholders in the value-chain they will realise this vision,\u201d said Mr Nafee.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt-based pharmacy start-up Grinta has secured $8 million in early funding round, co-led by Saudi Arabia\u2019s\u00a0Raed Ventures\u00a0and\u00a0NClude<\/p>\n","protected":false},"author":40,"featured_media":19585,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1,4106],"tags":[3973,4452,2822],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/19584"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=19584"}],"version-history":[{"count":6,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/19584\/revisions"}],"predecessor-version":[{"id":19600,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/19584\/revisions\/19600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/19585"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=19584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=19584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=19584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}