Brimore, an Egyptian social commerce platform, has reportedly bagged USD 25 million during a Series A funding round which was led by investors like IFC (International Finance Corporation) and Endure Capital.
The round also saw participation from Flourish, Fawry, and Endeavor Catalyst Fund, with added involvement from Brimore’s existing investors such as Algebra Ventures, Khawarizmi Ventures, Disruptech, and Vision Ventures. The startup intends to use the fresh investments to expand its products as well as suppliers and to emerge as a leading social commerce app in Africa.
For those unaware, Brimore was founded by Mohamed Abdulaziz and Ahmed Sheikha in 2017. While working on the FMCG business, both founders realized how difficult it was for a new brand to emerge in this industry due to established brands' dominance.
Brimore is known to use its distinctive infrastructure as well as proprietary technology to allow for market penetration opportunities for new and emerging brands. The platform essentially allows its sellers, who are mostly women, to gain access to flexible income methods using its custom solutions of both online as well as offline sales channels.
Within three years into its foundation, the Egyptian social commerce platform has seen a 400x growth, develop a huge network of over 75,000 resellers, and operates across 27 cities in Egypt, predominately in rural and remote areas.
Ahmed Sheikha, the co-founder and Chief business and investment officer at Brimore, mentioned that the motive of the brand is to build smart and reliable infrastructure with a complete ecosystem that will allow masses to do commerce through which anyone with a shop, especially stay-in home mothers.
If market speculations are right, the social e-commerce market value in Egypt is expected to be worth USD 14.8 billion by the year 2024. This can largely be attributed to the mounting number of online social sellers in the country who are known to be allowing emerging brands to sell their goods through different and established networks.
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