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$3.5 Million USD is raised by Brimore in a Pre-Series A Funding Round

2 years 2 months ago

Brimore announced that it has raised a US$3.5 million Pre-Series A round led by Algebra Ventures, with participation from Disruptech, Vision Ventures, and returning investors 500 Startups and Flat6Labs. The latter two took part in Brimore’s US$800,000 seed round, raised last April.​. ​Almost a year ago, Brimore secured $800K in ​seed funding co-led by Algebra Ventures and ​Endure Capital​. The company plans to use the new funds to support its accelerating growth and strengthen its infrastructure. It will continue to invest in operations, technology and talent. Brimore plans to raise a Series A round within a year.

Brimore is the first and fastest-growing social commerce platform in the Middle East and Africa. The company provides small and medium manufacturers with access to nationwide distribution via a large network of individuals who sell, and recruit others  to sell, consumer  goods  within their local communities. The Brimore technology platform, which includes payment and supply chain facilities, serves hundreds of SMEs to sell thousands of products including packaged  foods, personal care, and household goods.

Brimore was founded in 2017 by Mohamed  Abdulaziz,  Ahmed Sheikha, and Mahmoud Refaay. Now, it has enabled tens of thousands of social sellers in all 27 governorates across Egypt to start and grow their businesses with zero initial capital. Typical Brimore social sellers are females who earn hundreds of dollars per month and collectively reach over a million consumers.

"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," the co-founder and CEO of Brimore, Mohamed Abdulaziz said, and added: "With this new round of funding, we’ll be able to invest more in product development, operational infrastructure, and our growth momentum."

Ahmed Sheikha, the co-founder and CBO of the startup, commented "Our current focus is to keep winning “the moment of truth” with our sales champions, suppliers and consumers both online and offline. 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."

"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." Tarek Assaad, Algebra Ventures’ Managing Partner, said.

Mohamed Okasha, Disruptech Managing Partner, announced this news earlier but without specifying numbers. On the occasion, he commented "We are glad to start our investment in Egypt with Brimore - a startup that demonstrated a clear potential for long term growth. At a time when many are concerned about the impact that COVID-19 will have on the startup-community, we are confident that Brimore will come out on the winning end."

"We always seek to invest with a company that helps its community to do more, assists its country to develop economically and build on its strengths. We also love to see a strong founding team that works together in harmony. All of this and more was evident in Brimore from the time we talked to them and visited their offices in Cairo. Brimore empowers local smaller manufacturers to easily distribute their products to the masses," Kais AI Essa, Vision Ventures Founding Partner and CEO, said, and added: "We are glad to be part of their success journey."

Ramez  El Serafy, CEO of Flat6Labs, commented "Our commitment to Brimore’s success stems from our strong belief in its outstanding founding team and solid business values that have proved resilient in the face of tough market conditions. We are proud to be partners and early believers  of this great business and team."

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