This line-up of stories will help you discover the latest happenings around the tech world, today
1. Egypt’s digital pharmacy, Grinta, secures $8m seed round
An Egyptian digital pharmacy platform, Grinta, has secured $8m in a seed round co-led by Raed Ventures and Nclude.
Mohamed Azab, Co-founder and CEO of Grinta, confirmed the funding in a media release on Monday.
The Egyptian startup bills itself as a FinTech-enabled B2B digital pharmacy platform.
Grinta was founded by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed in 2021.
“As a result, the company has expanded aggressively across seven governorates in Egypt, with over 14,000 registered pharmacies on its platform, 20,000+ SKU’s and has delivered more than 100,000 orders over the last year,” Azab said.
Ripples Nigeria gathered that the round also saw participation from investors Endeavor Catalyst and 500 Global.
Tech Trivia: DOTA, Fortnite, and StarCraft competitions are collectively known as what?
Answer: see end of post
2. Edtech Smartprof secures $110,000 pre-seed investment
A Moroccan edtech company, Smartprof, has announced securing $110,000 in pre-seed investment from UM6P Ventures, Plug, and Play, alongside other investment angels.
Founder of Smartprof, Mustapha Faiz, confirmed the investment in a press release on Monday.
The edtech, according to the founders, seeks to build a one-stop-shop edtech platform for private tutoring in North and West Africa.
Mustapha Faiz launched the Casablanca-based edtech company in 2018.
“We launched Smartprof after noticing that the private educational system was failing in Morocco.
“We were convinced that every student needs some kind of private assistance in order to overcome the challenges faced at schools, Faiz explained.
Smartprof will use the new funding to expand its footprint in Morocco and West Africa.
3. French startup, Fairmat, closes $35 million Series A funding round to recycle carbon fiber composite
Fairmat, a French startup, has closed a $35 million (€34 million) Series A funding round to recycle carbon fiber composite into new material.
Ben Saada, Fairmat’s CEO, disclosed the funding in a press release on Monday.
Ripples Nigeria gathered that the oversubscribed financing was co-led by Singapore investment company, Temasek and the Belgian group Compagnie Nationale à Portefeuille (CNP/Groupe Frère).
VC Singular, Pictet Group, The Friedkin Group International, and other prominent business angels like Danone CEO, Antoine de Saint-Affrique, and other CEOs and founders of successful tech startups also joined in this round.
“Recycling advanced materials like carbon fiber composite is one of the strongest actions we can take to accelerate the decarbonization of the manufacturing sector,” said Saada.
“Today, we are thrilled to see our vision of a next generation of materials coming to life as we are accelerating our production and expanding our international development,” he added.
The company, since its launch, is on a mission to turn carbon fiber composite that is no longer in use into a new material that can be used in new products on a larger scale with the new funding.
Trivia Answer: Esports
Esports (pronounced “e-sports”) is a general term used to describe video game competitions.
Much like athletic sporting events, Esports games are often played before live audiences and may be broadcast over the Internet as well.
By Kayode Hamsat
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