Egypt-based direct-selling distribution platform Brimore, has raised $3.5 million in a pre-Series A round led by Algebra Ventures, with participation from Disruptech, Vision Ventures, 500 Startups, Flat6labs and other returning investors.
Co-founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore directly connects domestic manufacturers to distributors who can sell and promote their products. It leverages a network of thousands of social sellers across Egypt, serving thousands of small and medium enterprises (SMEs) and individuals seeking to expand their businesses with minimal initial capital.
“I am 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,” said Abdulaziz, CEO and co-founder of Brimore.
The company intends to use the newly raised funds to strengthen product development, enhance its technology infrastructure and scale its team.
“For the past two years, on-the-ground operations and commercial planning have been the cornerstone of Brimore’s success,'' said Sheikha, chief brand officer and co-founder of Brimore. ‘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 at Algebra Ventures said: “We believe that the large base of consumers in Egypt is best served through customised technology solutions. Brimore is developing world-class technology for our local market which will open up tremendous untapped potential in distribution of goods.”
Last year, Brimore secured $800,000 in seed funding co-led by Algebra Ventures and Endure Capital.