EGYPT – Grinta, an e-commerce platform digitizing the pharmaceutical supply chain, has made its third acquisition in just over nine months after the Cairo-based startup picked up a US$8 million round of seed funding.
Following the latest seed funding, Grinta has completed the acquisition of Auto-Care, the business-to-business (B2B) e-commerce platform, to boost its business in the country.
Founded in 2022 by Mohamed Rezk and his cofounder Amr Kamel, Auto-Cure is a startup digitizing the pharmaceutical market through a multivendor B2B platform.
The digital pharmacy startup, through its B2B e-commerce platform, serves independent pharmacists in Alexandria, Egypt.
In a press release, Mohamed Rezk, Founder and Chief Executive Officer of Auto-Cure said: “Joining hands with Grinta is incredibly exciting for us, our commitment to digitizing the market and delivering customer satisfaction has led us to join Grinta’s brilliant team.”
Mohamed Rezk expressed his readiness to work closely with Grinta’s brilliant team to further unlock new possibilities in the pharmaceutical supply chain.
“Together, we will be extending our reach not only in Alexandria but throughout the Middle East and Africa,” added Rezk.
The service of Auto-Cure empowers the pharmacist by providing him/her full visibility on market supply, and the best prices across different vendors, allowing him/her to shop and receive one consolidated shipment with all his/her needs.
This provides the pharmacist with both visibility and accessibility to the best prices available in the market through a seamless process provided by a tech solution and supported by high-quality operations.
The acquisition Of Auto-Cure marks Grinta’s third acquisition in Egypt in line with an ambitious plan to improve access to and affordability of medicines in Egypt and across the African continent.
Since its inception in 2021, Grinta has acquired two companies, PH Store, an integrated platform that targets the pharmaceutical community at all stages based in northern Egypt, and EME, a software development company with a solid tech team.
On his part, Co-founder and Chief Executive Officer of Grinta, Mohamed Azab, asserted: “The acquisition of Auto-Cure is a testament to Grinta’s dedication to delivering value to their clients and growing its presence in the Egyptian market.”
With the successful acquisition of Auto-Cure, Mohamed Rezk will be joining as a partner at Grinta and leading the Commercial Team.
This strategic investment will help Grinta to realize the objective of delivering customer-centric, data-driven, and fintech-enabled solutions to modernize the pharmaceutical supply chain in Egypt and beyond.
Founded by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, Grinta is a managed marketplace that modernizes the pharmaceutical supply chain by empowering independent pharmacies.
The end-to-end platform provides access to the full spectrum of traceable pharmaceutical and medical products from multiple vendors in addition to providing fulfillment, demand planning, and inventory financing.
Grinta’s US$8 million seed round, which takes total funding to date to US$9.5 million, was co-led by Raed Ventures and Nclude.
Additionally, the startup’s US$8 million seed round saw participation from angel investors, including Silicon Valley-based Endeavor Catalyst and 500 Global.
Expressing his excitement about the successful funding round, Mohamed Azab, Co-founder 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.”
The company is working with all stakeholders across the value chain, manufacturers, distributors, wholesalers, and pharmacies, to build a data-driven, reliable, and efficient pharmaceutical supply chain.
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, the founder of Grinta hope to improve access to quality medicines at affordable prices.
Laying out his aspirations, Mohamed Azab stated: “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 US$50 billion African market.”
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