Egyptian end-to-end distribution platform Brimore has raised $3.5m in a Pre-Series A round led by Algebra Ventures, with participation from Disruptech, Vision Ventures, and returning investors, 500 Startups, and Flat6labs.
Brimore was founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha (Mahmoud Refaay has since also been added as a co-founder), which has an online platform that enables local manufacturers and suppliers to have nationwide coverage through a network of individual sales agents.
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The announcement, which was made yesterday, Disruptech’s announcement last month that it had invested in the startup. At the time Abdulaziz declined to disclose how much Disruptec had invested in the startup, but told Ventureburn that the startup would soon announce the full round of investment that Disruptech is part of it (see this story).
Brimore, which has raised $3.5m in a round led by Algebra Ventures, said it also plans to raise a Series A round within a year
It also comes after the startup announced in April last year that it had raised $800 000 in a seed round co-led by Algebra Ventures and Endure Capital (see this story).
In the statement yesterday, Brimore said it had enabled tens of thousands of social sellers in all 27 governorates across Egypt to start and grow their businesses with zero initial capital. It said its typical Brimore social sellers are
females who earn hundreds of dollars per month and collectively reach over a million consumers.
The company plans to use the new funds to support its accelerating growth and strengthen its infrastructure. Brimore said it also plans to raise a Series A round within a year.
Abdulaziz said in the statement that Brimore continues to provide “unique opportunities” to its micro-distributors and suppliers during the current difficult 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,” he said.
Read more: Disruptech fund invests in two Egyptian startups
Read more: Egyptian end-to-end distribution platform Brimore raises $800k seed round
Editor’s note (12 May 2020): Brimore chief business officer and co-founder Ahmed Sheikha explained to Ventureburn in an email subsequent to the publication of this story why Mahmoud Refaay was included as a co-founder in the startup’s latest investment announcement.
Said Sheikha: “Mahmoud is our employee number 1, we consider him our co-founder from day one, but he is an employee and with a very tiny equity (0.1%), so officially it is me and Mohamed (Abdulaziz), but we always credit Mahmoud in big announcements.”
Featured image: Brimore founders Mohamed Abdulaziz and Ahmed Sheikha (Supplied)
