Egyptian Distribution Platform Brimore Secures $3.5m Funding

Brimore funding

  • Egyptian end-to-end distribution platform Brimore has secured $3.5 m in a Pre-Series A funding round
  • The company plans to use the new funds to help boost its development and improve its infrastructure. Brimore also said it plans to raise a Series A round in a year’s time.
  • Brimore’s traditional social sellers in Brimore are females who earn hundreds of dollars a month and collectively touch more than one million customers.

Egyptian end-to-end distribution platform Brimore has secured $3.5 m in a Pre-Series A funding round led by Algebra Ventures, with participation from Disruptech, Vision Ventures and Returning Investors, 500 Startups and Flat6labs.

Brimore was created in 2017 by Mohamed Abdulaziz and Ahmed Sheikha – Mahmoud Refaay has since been added as a co-founder, and has an online marketplace that offers regional coverage to local manufacturers and suppliers through a network of individual sales agents.

The disclosure was made yesterday follows last month’s statement from Disruptech that it has invested in the company. At the time, Abdulaziz declined to reveal how much Disruptech had invested in the company, but told Ventureburn that the company will soon announce the full investment round that Disruptech is a part of it.

READ ALSO: Egypt’s Pravica Secures $500k in Round Led by 500 Startups

Brimore, which raised $3.5 million in a funding round led by Algebra Ventures, said it also plans to raise a Series A round within one year.

It also comes after the company revealed last April that it raised $800,000 in a seed round co-funded by Algebra Ventures and Endure Capital.

In yesterday’s statement Brimore said it had allowed tens of thousands of social sellers to start and develop their businesses with zero initial capital in all 27 governorates across Egypt.

It said its traditional social sellers in Brimore are females who earn hundreds of dollars a month and collectively touch more than one million customers.

The company is planning to use the new funds to help boost its development and improve its infrastructure. Brimore also said it plans to raise a Series A round in a year’s time.

Abdulaziz said in the statement that Brimore continues to provide its micro-distributors and suppliers with “unique opportunities” during the present 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.

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