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Tuesday, 2 April 2019

Algebra ventures co-leads USD 800k seed funding round for Brimore

Our friends at Algebra Ventures have co-led a USD 800k seed round for direct-selling company Brimore in partnership with Endure Capital, according to a press release (pdf). The funding round saw participation from venture capital firm 500 Startups, regional accelerator Flat6Labs, as well as angel investors. Brimore is a fast-moving consumer goods distribution network which sells products directly to end-users. It fulfills the whole array of the traditional distribution chain — acting as a wholesaler, sales rep, advertiser, and retailer all at once. “We're very impressed with the Brimore team and their approach to solving an expensive and complex problem.” Algebra Managing Partner Tarek Assaad said. Brimore CEO Mohamed Abdulaziz, who founded the company in 2017 with Ahmed Sheikha, says Brimore’s edge is its ability to provide an efficient and inexpensive distribution network that is “better suited to big multinationals.” Brimore took part in a Flat6Labs program in December and was the first startup to secure an investment before demo day.

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