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Egyptian social commerce platform, Brimore, raises $25M in Series A round
Brimore, the Egyptian social commerce platform founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha, has closed its Series A round of $25 million. The round was led by the International Finance Corporation (IFC) and Endure Capital with participation from Fawry, Flourish, Endeavor Catalyst Fund and existing Brimore investors including Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures.
According to Brimore, the company was able to grow 400x, build a massive network of almost 75,000 resellers to cover 27 cities within Egypt. It enables its sellers, who are mostly women, to unlock an alternative and flexible income method and become local business leaders through their custom solutions of online and offline sales channels.
According to ResearchGate, Egypt’s social e-commerce market will be worth over $14.8 billion by 2024
The new capital will fuel Brimore’s growth within the next year, growing its network of sellers and suppliers 4x, doubling the number of its employees and increasing the number of products sold three-fold. By 2023, Brimore aims to operate in three countries and strengthen its physical logistics capabilities.
“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 commoditises trust, allowing brands to reach all types of audiences, and helps resellers sell online and offline, especially in areas with minimal internet penetration.”
Walid Labadi, IFC’s country manager for Egypt, said: “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 democratise access to e-commerce, increase economic opportunities for women, and support the development of the local manufacturing sector in the country.”
Tarek Fahim, 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.”
Tarek Assaad, Managing Partner at Algebra Ventures said: “As Brimore experienced explosive growth over the past three years, Algebra has worked closely with the company to support in strategic and operational areas, especially recruitment, which is a key area of focus at Algebra. We came in on the first round of investment and invested in every subsequent round, to ensure that the growth momentum stays on track. We are delighted to see such a strong group of investors, many of whom have co-invested with us in the past, coming into the company. I am humbled by how Mohamed and Ahmed have grown as leaders and continue to drive the execution and vision of the company forward.”
Read more: Egypt tech startup Breadfast secures $26-million in series A round
Featured image: Brimore