Cairo-based social commerce platform Brimore has raised $3.5 million in a Pre-Series A round led by Algebra Ventures, with the participation of Disruptech, Vision Ventures, and existing investors 500 Startups, and Flat6Labs, it announced in a statement to MENAbytes today. The startup had raised $800,000 in a seed funding round co-led by Algebra Ventures and Endure Capital almost a year ago.
Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore provides small and medium-sized manufacturers in Egypt with access to nationwide distribution through its large network of individuals (freelancers) who sell and recruit others to sell consumer goods within their local communities.
The platform that includes supply chain and payment facilities claims to be serving hundreds of SMEs, selling thousands of products including packaged foods, personal care, and household goods.
Brimore in a statement said that it has enabled tens of thousands of social sellers in all the 27 governorates across Egypt to start and grow their businesses with zero initial capital. The startup said that its typical sellers are females who earn hundreds of dollars per month and collectively reach over a million consumers.
Mohamed Abdulaziz, the co-founder and CEO of Brimore, commenting on the occasion, said, “I’m proud of the trust our investors are showing in Brimore. We continue to provide unique opportunities to our micro-distributors and suppliers in such a tough time. Our growth strategy was built on strong fundamentals and healthy unit economics which has enabled us to maintain 10X year-on-year growth while facing several challenges, including the Covid-19 pandemic.”
Ahmed Sheikha, the co-founder and CBO of the startup, said, “With this new round of funding, we’ll be able to invest more in product development, operational infrastructure, and our growth momentum.’ ‘Our current focus is to keep winning “the moment of truth” with our sales champions, suppliers and consumers both online and offline.”
“For the past two years, on-the-ground operations and commercial planning have been the cornerstone of Brimore’s success. We are now focusing on technology, data analytics and smart financial solutions to make a solid contribution. This new round of investment will enable us to expand our amazing team of star performers aspiring to transform the retail industry in Egypt,” he added.
Tarek Assaad, the Managing Partner of Algebra Ventures, said, “We believe that the large base of consumers in Egypt is best served through customized technology solutions. Brimore is developing world-class technology for our local market which will open up tremendous untapped potential in distribution of goods.”
“Mohamed and Ahmed have led the company through different challenges and delivered exceptional performance since our first investment in the company last year. We are delighted to continue supporting Brimore as it continues to expand its reach and solidify its leading market position,” he added.