Brimore secures USD 25 mn in series A funding
Social commerce startup Brimore has raised USD 25 mn in series A funding, the company announced in a statement (pdf) yesterday. The round was led by the International Finance Corporation and Silicon Valley VC Endure Capital, and featured participation from Fawry, Flourish, and Endeavor Catalyst Fund, as well as existing investors such as Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures.
About the company: Launched in 2019, Brimore is a social distribution network that allows SME manufacturers to sell fast moving consumer goods via a network of freelance distributors, who sell to customers in their local communities. The company has built a network of almost 75k resellers in 27 cities across Egypt in the three years since its founding, and lists some 8k products.
Expansion plans: Brimore says it will use the funding to quadruple its network of sellers and suppliers and double the size of its team. It is also aiming to enter two new African markets by 2023, the statement said, without providing specifics. “In the past three years, we’ve focused on building a smart and reliable infrastructure that enables the masses to do their commerce businesses,” said Mohamed Abdelaziz, CEO and co-founder of Brimore. “We’ll be using the fresh fund to scale our infrastructure, enabling many more people to continue their journey of 50x growth by 2023.”
The investment comes less than two years after the company raised USD 3.5 mn in a pre-series A round led by Algebra Ventures. Algebra has backed the startup from the beginning, co-leading its initial USD 800k seed round in 2019. “We came in on the first round of investment and invested in every subsequent round, to ensure that the growth momentum stays on track,” said Algebra managing partner Tarek Assaad. “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.”