Monday, August 15, 2022
Monday, August 15, 2022
Home Startups Egyptian social commerce startup Brimore raises investment from Fawry for expansion.

Egyptian social commerce startup Brimore raises investment from Fawry for expansion.

by Weddy Thuranira
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Egypt’s leading epayments solutions and financial services provider, Fawry (FWRY.CA on the Egyptian Exchange), said today that it has completed an investment in Brimore, a social commerce platform. Brimore, which assists SME manufacturers to solve go-to-market issues through a nationwide distribution capability, has acquired a minority position in Fawry.

The investment, which is part of Brimore’s planned Series A funding round, extends Fawry’s efforts to form strategic partnerships with high-potential tech companies, with the goal of producing financial synergies and advancing the Company’s goal of strengthening Egypt’s growing digital ecosystem. Fawry will use its position as a strategic investor in Brimore to engage, support, and encourage growth at the company and in Egypt’s larger digital ecosystem, all while advancing national goals such as increasing financial inclusion, using technology to digitize small and micro businesses, and closing the gender gap in entrepreneurship.

Brimore’s social commerce platform, which was founded in 2017 by supply chain veterans Mohamed Abdulaziz and Ahmed Sheikha, uses a large network of associated freelance community distributors to sell and recommend products in their local communities through a variety of digital and on-the-ground channels.

Small manufacturers can use the company’s services to avoid costly in-house manufacturing and distribution investments, while also lowering reliance on inefficient traditional distribution networks and helping to provide consumers with high-quality products at reasonable rates. SME manufacturers of primarily unbranded items get unparalleled market access through Brimore, allowing them to compete on a more level playing field with established industry giants.

Multiple opportunities to foster synergies between Brimore and Fawry’s own lines of business have been discovered by Fawry management. Fawry wants to integrate its payments and financial services products seamlessly into the Brimore platform, with additional collaboration planned with Fawry’s complementary verticals in the commerce and FMCG industries.

Commenting on the transaction, Fawry CEO Eng. Ashraf Sabry said: “We look forward with great anticipation to our journey with Brimore. The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy. Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership. Moving forward, we aim to offer Fawry’s full suite of financial solutions to our partners at Brimore, their network of distributors, and their customer base.” “Fawry’s investment in Brimore fully aligns with our strategic objectives of expanding Fawry’s digital ecosystem and establishing a foothold in Egypt’s booming eCommerce scene. We at Fawry believe that rapidly digitizing how business is done in Egypt is key to fostering the expansion of small businesses to hard-to-reach populations, accelerating economic growth and creating a better future for all,” Sabry added.

Brimore co-founder and CEO Mohamed Abdulaziz made the following comment: “Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt. Our platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment. We allow ordinary people, most of whom are women, to reach millions of customers across the country. Our partnership with Fawry leaves us in an ideal position to continue changing thousands of lives for the better while maintaining our rapid and impressive growth trajectory.” 

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