Cairo, Egypt-based Brimore, a social commerce platform that connects manufacturers with consumers yesterday (11 May) raised $3.5 million in a Pre-Series A round led by Algebra Ventures, with participation from existing investors 500 Startups and Flat6Labs, along with new investors, Disruptech, and Vision Ventures.
Brimore last year raised $800k in seed funding round co-led by Algebra Ventures and Endure Capital.
The company has plans to utilise fresh funds to accelerate growth, strengthen its infrastructure, augment operations, technology and hire new talent.
Brimore was founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay and claims to have enabled tens of thousands of social sellers across all 27 governorates in Egypt to grow their business with zero initial investment.
Commenting over the investment round, Mohamed Abdulaziz, CEO & Co-Founder of Brimore in a statement said,
“I’m proud of the trust our investors are showing in Brimore. We continue to provide unique opportunities to our micro-distributors and suppliers in such a tough 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. With this new round of funding, we’ll be able to invest more in product development, operational infrastructure, and our growth momentum.”
Adding to which, Sheikha, CBO & Co-Founder of Brimore said,
“Our current focus is to keep winning ‘the moment of truth’ with our sales champions, suppliers, and consumers both online and offline. For the past two years, on-the-ground operations and commercial planning have been the cornerstone of Brimore’s success. We are now focusing on technology, data analytics, and smart financial solutions to make a solid contribution. This new round of investment will enable us to expand our amazing team of star performers aspiring to transform the retail industry in Egypt.”
Tarek Assaad, Managing partner of Algebra Ventures, sharing his ground and vision for Brimore said,
“We believe that the large base of consumers in Egypt is best served through customized technology solutions. Brimore is developing world-class technology for our local market which will open up tremendous untapped potential in distribution of goods. Mohamed and Ahmed have led the company through different challenges and delivered exceptional performance since our first investment in the company last year. We are delighted to continue supporting Brimore as it continues to expand its reach and solidify its leading market position,”
Mohamed Okasha, Managing Partner of Disruptech said,
“We are glad to start our investment in Egypt with Brimore – a startup that demonstrated a clear potential for long term growth. At a time when many are concerned about the impact that COVID-19 will have on the startup community, we are confident that Brimore will come out on the winning end,”
Kais Al Essa, Founding Partner & CEO of Vision Ventures on similar lines said,
“We always seek to invest with a company that helps its community to do more, assists its country to develop economically and build on its strengths. We also love to see a strong founding team that works together in harmony. All of this and more was evident in Brimore from the time we talked to them and visited their offices in Cairo. Brimore empowers local smaller manufacturers to easily distribute their products to the masses. We are glad to be part of their success journey.”
And Ramez El Serafy, CEO of Flat6Labs added,
“Our commitment to Brimore’s success stems from our strong belief in its outstanding founding team and solid business values that have proved resilient in the face of tough market conditions. We are proud to be partners and early believers of this great business and team,”