End-to-end distribution platform Brimore has announced that it has raised $800 000 in a seed round co-led by Algebra Ventures and Endure Capital.
In a statement today (2 April) the Cairo-based startup said 500 Startups, Flat6labs and some undisclosed angel investors also participated in the round.
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Brimore’s platform provides manufacturers with direct access to local communities who can both use and promote the products. The startup was founded in 2017 by CEO Mohamed Abdulaziz, CBO Ahmed Sheikha, and Mahmoud Refaay.
Brimore was founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay
Sheikha told Ventureburn in an email today (2 April) that the deal had been concluded last month. He explained that the funding will be used for technology development, marketing and team expansion.
Brimore, Sheikha pointed out, currently works with more than 22 manufacturers, giving them access to all of Egypt’s governorates. In an earlier statement he said the startup is aiming to grow in emerging markets, particularly in Africa.
“We see a synergy and similarities between African markets and the Egyptian one, (with the) same difficulties faced by manufacturers and a huge potential in human resources.
“A couple of zones are under our radar now, and we plan to leverage on the learnings being captured in the Egyptian market to reapply,” said Sheikha.
‘Merged sales, marketing and distribution’
Abdulaziz explained in the press release that many Egyptian manufacturers and products have “suffered and died” because of inefficient and expensive distribution networks that he said are better suited to “big multinationals”.
“We’re leveraging the power of people and their social networks to solve the problem of market access for SMEs in Egypt and disrupt the traditional distribution model. We’ve merged sales, marketing, and distribution in one transaction,” he explained.
Commenting in an earlier statement Algebra Ventures managing partner
Tarek Assaad said the fund was “very impressed” with the Brimore team and the startup’s approach to solving an expensive and complex problem.
“We believe the company will change how small and medium manufacturers think about selling goods to the large base of Egyptian consumers,” added Tarek.
Endure Capital managing partner Tarek Fahim said the VC is proud to support Brimore in its efforts to enable resellers, while 500 Startups partner Hasan Haider noted that Brimore is solving a problem in many emerging markets — how to get products to reach a wider base and fix broken distribution channels.
Brimore was part of Flat6labs accelerator programme in December last year and is the first startup from that cohort to secure an investment before demo day.
Flat6labs CEO Ramez El Serafy said the accelerator is “excited” to continue its strategic partnership with Brimorre and to support the startup further through this round of follow-on investment.
Featured image: Brimore team (Supplied)
