EGYPT – Brimore, a Cairo-based social e-commerce platform connecting suppliers to community sellers, closed its Series A round of US$25 million.
The round was led by the International Finance Corporation (IFC) and Endure Capital with participation from Fawry, Flourish, Endeavor Catalyst Fund and existing Brimore investors including Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures.
The fresh funds will be used to grow its products and suppliers and expand across the continent to become the leading social commerce app of Africa.
The money will be used to “expand in Egypt by 50x within the next couple of years,” according to the company. Other monies will be used to increase the company’s logistics and operational infrastructure, double its employees, triple product catalogs, and quadruple its network of vendors and suppliers.
“We started working on Brimore with the mindset of actually manufacturing products ourselves. However, producing our products wasn’t the wisest decision at that time as it was a very asset-heavy model,” said CEO Mohamed Abdulaziz said.
“So we started scaling with listing different products. And at the same time, it was very insightful to see how the network formed on the other side. From a seller perspective, we started onboarding more and more sellers. Most of them happen to be women.”
The company has achieved considerable traction three years after it was founded. Brimore boasts that their revenue has increased 400% in the last three years.
On the platform, there are over 300 vendors with over 8,000 distinct SKUs from packaged meals, personal care, and household goods.
In addition, the social commerce platform has created a network of 75,000 vendors in Egypt, with 74% of them being women, covering 27 cities, mostly in rural and isolated areas.
This is the IFC’s largest direct investment in the social commerce market internationally, according to Walid Labadi, the country manager for Egypt.
Brimore’s founding team also has deep experience in the industry. Both founders saw how difficult it was for developing companies to get their products to the mass market while working in the FMCG industry.
The company was founded by Mohamed Abdulaziz and Ahmed Sheikha in 2017. Brimore is an omnichannel social commerce platform that connects both worlds through an app.
As a result, small and medium-sized suppliers may be able to provide access to these emerging items to these individuals, who also work as sellers and word-of-mouth marketers.
Brimore earns a profit from the pricing difference between suppliers and sellers. A spin-off named Milezmore handles the company’s warehouse, last-mile, and fulfillment infrastructure; prior to last year, third-party logistics managed such activities.