Brimore, Egypt’s largest social commerce platform, has raised $25 million in a Series A round led by the International Finance Corporation (IFC) and Endure Capital, with additional funding from Fawry, Flourish, Endeavor Catalyst Fund, and existing Brimore investors such as Algebra Ventures, Disruptech, Khawarizmi Ventures, and Vision Ventures.
The new funding will be used to expand the company’s product line and supplier base across Africa, with the goal of becoming Africa’s leading social commerce app.
Brimore grew 400 times in three years, building a large network of approximately 75,000 resellers to serve 27 cities across Egypt, with a focus on rural and remote areas.
Brimore provides rising brand owners with market penetration opportunities through its unique infrastructure and proprietary technology.
Brimore’s tailored solutions of online and offline sales channels enable its sellers, who are mostly women, to unlock an alternative and flexible income method and become local business leaders.
Brimore’s expansion will be fueled by the new funding, which will allow the company to double its network of vendors and suppliers, double the number of workers, and triple the number of products sold in the next year. Brimore plans to expand its physical logistics capabilities and operate in three countries by 2023.
“In the past three years, we’ve focused on building a smart and reliable infrastructure that enables the masses to do their commerce businesses, wherever they are, and whatever they have,” said Mohamed Abdulaziz, Brimore’s CEO and Co-Founder.
“We’ll be using the fresh fund to scale our infrastructure, enabling many more people to continue their journey of 50x growth by 2023, and opening this gate of hope and opportunity to other people in African markets.”
Ahmed Sheikha, Chief Business and Investment Officer and Co-Founder at Brimore added: “Our ambition is to create a global model where market access is democratized through the power of people. Our promise is that we will use technology, operations and creative financing models to make it true.”
