Company investment Brimore

Brimore, an Egyptian social commerce network, has raised $3.5 million in funding. Pre-Series A is designed to bring producers and customers together.

 

Brimore, a Cairo-based social commerce network, said today that it has secured $3.5 million in a Pre-Series A round headed by Algebra Ventures, with participation from Disruptech, Vision Ventures, and existing investors 500 Startups and Flat6Labs. Almost a year ago, the business raised $800,000 in a seed fundraising round headed by Algebra Ventures and Endure Capital.

Brimore, founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, provides nationwide distribution to small and medium-sized manufacturers in Egypt through its huge network of individuals (freelancers) who sell and recruit others to sell consumer items in their local communities.

Hundreds of SMEs are said to be using the platform, which incorporates supply chain and payment features, to offer thousands of products such as packaged meals, personal care, and household goods.

Brimore stated in a statement that it has helped tens of thousands of social sellers start and build their businesses with no initial capital in all 27 governorates across Egypt. According to the firm, its usual sellers are women who earn hundreds of dollars per month and reach over a million people.

“I'm proud of the trust our investors are exhibiting in Brimore,” Mohamed Abdulaziz, co-founder and CEO of Brimore, remarked on the occasion. In such a difficult period, we continue to provide unique chances to our micro-distributors and suppliers. Our growth approach was founded on excellent fundamentals and robust unit economics, allowing us to maintain a 10X year-over-year growth rate despite a number of hurdles, including the Covid-19 pandemic.”

Please Login to Post a Comment
Login Register
There are no comments yet.