Brimore, a social commerce platform, has raised $3.5 million in a pre-series A round led by Algebra Ventures, accompanied by Disruptech, Vision Ventures, 500 Startups, and Flat6Labs.
Brimore, founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, is a technology-powered retail distribution platform that allows manufacturers direct access to local communities who can both promote and consume their products.
The platform creates significant efficiencies for local manufacturers by dramatically optimising their branding and distribution costs, providing them with better demand visibility, and allowing them to improve utilization. It allows their active distributors, typically local women, the opportunity to earn money from home.
The startup raised $800,000 in a seed funding round co-led by Algebra Ventures and Endure Capital about a year ago.
According to Mohamed Abdulaziz, the co-founder and CEO of Brimore on the transaction, “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.”
“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.” added Brimore’s co-founder and CBO, Ahmed Sheikha
“For the past two years, on-the-ground operations and commercial planning have been the cornerstone of Brimore’s success. 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,” he added.
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 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.
