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Tuesday, 22 November 2022

Local pharma startup closes USD 8 mn round + Klivvr gets CBE nod

Local B2B pharma platform Grinta has closed a USD 8 mn seed round led by MENA-focused VC Raed Ventures and local fintech fund Nclude, with participation from Endeavor Catalyst and 500 Global, it said in a press release (pdf) yesterday. The capital raised will help the company expand locally, growing its team and scaling its platform.

About Grinta: Founded last year by Mohamed Azab (LinkedIn), Hamza Tag (LinkedIn), Yosra Badr (LinkedIn) and Ali Youssef (LinkedIn), the company’s one-stop platform allows pharma retailers to order inventory as well as providing fulfillment, planning, and financing services. Over the past year, Grinta has acquired local competitor PH Store and software development company EME.

The numbers: The company currently serves over 14k pharmacies in seven governorates with over 20k SKUs, and has so far delivered over 100k orders, Azab said.

EDVENTURES TARGETS FRESH INVESTMENTS-

Education-focused VC EdVentures is looking to deploy USD 1.1 mn in Egypt-born preschool education platform Jeel, it said in a statement (pdf) yesterday. EdVentures is Nahdet Misr for Publishing’s VC arm. “Moving forward, EdVentures is seeking more investments in edtech startups, while expanding globally,” said Dalia Ibrahim, Nahdet Misr CEO and founder of EdVentures.

This would be the VC’s fifth investment in 2022, by our count. EdVentures made a six-figure USD investment in student career advising startup OBM Education in August, and opened the year by investing in OBM Education, Super Fny, and Crafty Workshop alongside the Academy of Scientific Research and Technology. It also participated in Sprints’ USD 1.2 mn series A round which closed in April.

EdVentures portfolio includes online training provider Sprints as well as Akhdar, Career180, OTO Courses, and iSchool.

Egyptian edtech is doing well: Egypt has the largest chunk of the region’s growing edtech sector, which is now home to 1.5k edtech companies, according to data from HolonIQ. Almost half of the education technology based in the region is represented by workforce and corporate training innovations, followed by K-12 and higher education. Pre-K’s contribution is very limited to the overall edtech sector.

KLIVVR GETS THE ALL-CLEAR-

OFH’s Klivvr payment card gets CBE approval: Orascom Financial Holding’s (OFH) fintech arm Klivvr has received its license from the Central Bank of Egypt to launch its mobile app and payment cards, the company announced yesterday.

When’s the launch? OFH CEO Nils Bachtler declined to commit to a timeframe when we asked yesterday, saying only that the company expects to launch them soon.

Klivvr’s card and payment app will allow users to make online and in-store purchases, withdraw cash from local ATMs, and receive payments. It’s launching its services in partnership with Arab African International Bank, Visa and Misr Digital Payments.

Background: We’ve seen a steady stream of new prepaid cards hit the local market this year, with the central bank recently approving cards from Banque du Caire, Telda, ADIB and Khazna.

MORE STARTUP NEWS-

  • Cashback services startup WaffarX partnered with CIB to offer incentives and other perks to CIB customers who shop through its new joint app. (Zawya)

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