Brimore, Egypt’s social commerce startup has raised $3.5m led by Algebra Ventures to enable manufacturers to sell their products directly to end consumers through a network of micro-distributors across Egypt.
Brimore, the social commerce and parallel distribution platform says the $3.5m in a Pre-Series A round was led by Algebra Ventures, with participation from Disruptech, Vision Ventures, and returning investors, 500 Startups, and Flat6Labs.
‘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’ says Abdulaziz, CEO & Co-Founder. ‘ With this new round of funding, we’ll be able to invest more in product development, operational infrastructure, and our growth momentum.
With payment and supply chain facilities, the startup serves hundreds of SMEs to sell thousands of products including packaged foods, personal care, and household goods and has worked with hundreds of SMEs across Egypt.
Brimore will use the new funds to support its accelerating growth and strengthen its infrastructure and continue to invest in operations, technology, and talent.
Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, the firm’s current focus is to keep winning more sales champions, suppliers, and consumers both online and offline.
‘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,’ said Sheikha, CBO and Co-Founder.
Algebra Ventures and Endure Capital had co-led Brimore’s $800K in seed funding last year to help it open up access for small and medium manufacturers distribution channels via a large network of individuals who sell, and recruit others to sell, consumer goods within their local communities.
“We are delighted to continue supporting Brimore as it continues to expand its reach and solidify its leading market position,’ says Tarek Assaad, Algebra Ventures’ Managing Partner. ‘We believe that the large base of consumers in Egypt is best served through customized technology solutions.”
Brimore is developing world-class technology which will open up tremendous untapped potential in distribution of goods. Brimore empowers local smaller manufacturers to easily distribute their products to the masses.
‘We always seek to invest with a company that helps its community to do more, assists its country to develop economically and build on its strengths. We also love to see a strong founding team that works together in harmony. All of this and more was evident in Brimore from the time we talked to them and visited their offices in Cairo,’ says Kais Al Essa, Vision Ventures Founding Partner and CEO.