Egypt-based social commerce platform Brimore raises USD 25 million in Series A

Brimore, an Egypt-based social commerce platform, has raised USD 25 million in a Series A funding round co-led by the International Finance Corporation and Endure Capital on 31 January 2022.

Investors: International Finance Corporation and Endure Capital co-led the latest funding round with participation from Flourish, Endeavor Catalyst Fund, Fawry and existing Brimore investors, including Algebra Ventures, Disruptech, Khwarizmi Ventures and Vision Ventures. 

The Objectives behind the funding: The company will deploy the current proceeds to grow its products and suppliers and expand across the continent to become Africa’s leading social commerce app.

About Brimore

Founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha, Brimore is Africa’s 1st and fastest-growing social commerce and parallel distribution channel. The company provides nationwide coverage through a network of individual sellers. The startup’s platform leverages data analytics to create an interconnected network, enabling small local manufacturers to sell their products directly to consumers through its network of freelance sales agents. Its sellers cover all 27 governorates of Egypt, with 70% of them outside of Greater Cairo. Brimore has partnered with more than 300 suppliers, offering multiple products in multiple categories. Brimore enables its sellers, who are primarily women, to unlock an alternative and flexible income opportunity and become local business leaders through their custom solutions of online and offline sales channels. The company currently has over 600 employees with a spin-off of a logistical company called Milezmore.  

What the Founders have to say:

“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.” Brimore isn’t only about online reselling; it commoditizes trust, allowing brands to reach all types of audiences, and helps resellers sell online and offline, especially in areas with minimal internet penetration.

What the Investors have to say:

“IFC is excited to support Brimore as a leader in social commerce in Egypt. This is our largest direct investment in social commerce so far,” said Walid Labadi, IFC’s country manager for Egypt. “IFC’s co-lead investment in Brimore aims to help the platform continue to democratize access to e-commerce, increase economic opportunities for women, and support the development of the local manufacturing sector in the country.”

Tarek Fahim, a Managing Partner at Endure Capital, said: “Every decade, comes a company that fuses technology, operations excellence, and human capital to unlock unprecedented impact and value. We are proud to be Brimore’s first and continuous partner in their mission of building the infrastructure and technology for social commerce in Egypt and Africa to change the lives of their partners, especially women who aspire for a better future for themselves and their families.”

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