Egypt’s social comerce startup, Brimore, has raised $25 million in its Series A round of funding, led by the International Finance Corporation (IFC), and Endure Capital.
Other investors who took part in the funding round include Fawry, Flourish, Endeavor Catalyst Fund, Algebra Ventures, Disruptech, and Vision Ventures.
The company says it will use the funding to grow in Egypt by 50x within the next couple of years, expand its logistics and operational infrastructure, double its staff size, triple product catalogues, and quadruple its sellers and suppliers network. By 2023, Brimore aims to operate in three countries and strengthen its physical logistics capabilities.
Brimore is an omnichannel social commerce platform, where small and medium-sized suppliers could give individuals – who double as sellers and word-of-mouth marketers – access to emerging products. This way, manufacturers have advertising and marketing on lock while sellers start their e-commerce businesses and earn extra cash.
Over the past three years, Brimore claims to have grown around 400x in revenue. More than 300 suppliers with approximately 8,000 different stock keeping units from packaged foods, personal care, and household goods are on the platform. The social commerce platform has also built a network of 75,000 sellers (74% of them are women), covering 27 cities, primarily rural and remote areas, in Egypt.
When sellers register on the platform, they see various product images from different manufacturers. They then share these pictures on their socials: Facebook, Instagram, WhatsApp, Telegram, generate orders and place them on the app. Once Brimore confirms, its delivery process depends on where the sellers want their products delivered: to them or their end consumers.
Brimore raised a $3.5 million pre-Series A round in 2020, and in September of last year, it had secured investment from e-payments solutions and banking services provider Fawry, Egypt’s first startup “unicorn”, as part of its upcoming Series A round.
See Also:
Mobility Fintech Moove Secures $10 Million Financing from NBK Capital Partners
