Egyptian social commerce platform Brimore has secured US$3.5 million in a Pre-Series A round led by Algebra Ventures.
The round had participation from Disruptech, Vision Ventures, 500 Startups, and Flat6Labs,
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.
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.”
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 the 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.