New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Startups

Social Commerce Startup – Brimore – closes $25m series A funding round

1 Mins read

Cairo-based direct-selling and distribution platform, Brimore, has closed its series A funding round, raising US$25m.

The company said it would use the funds raised to expand its logistics and operational infrastructure. The start-up added that it would also double its staff size, triple product catalogues, and increase its sellers and suppliers network.

The series A funding round was led by The International Finance Corporation (IFC) and Endure Capital. Further participations were done by fintech giant – Fawry, Flourish, and, Endeavor Catalyst Fund.

Existing investors that also participated in the fundraise include Algebra Ventures, Disruptech and Vision Ventures.

Brimore was founded in 2017 by the duo of Mohamed Abdulaziz and Ahmed Sheikha. Both co-founders had noticed the difficulties experienced by emerging brands to get their products to the mass market.

They also took a cue from the travail of individuals who want to be involved in remote trading, but doesn’t know how to go about it.

Brimore works by bridging the gap between sellers and buyers through an app that serves as its multi-channel e-commerce platform.

“Small and medium-sized suppliers could give these individuals–who double as sellers and word-of-mouth marketers–access to these emerging products. This way, these manufacturers have advertising and marketing on lock while these sellers start their e-commerce businesses and earn extra cash,” TechCrunch reports.

Read also: Fintech company – Esusu – raises $130m; attains Unicorn status

In an interview with TechCrunch, CEO Abdulaziz gave an explanation on the motive behind Brimore:

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. 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.”

Before now, Brimore had raised $800k and $3.5m in seed funding and pre-series A funding rounds, respectively.

578 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
Now you knowRandomStartups

Web3 Startup ValuesCo Raises $2.7M In Seed Funding

1 Mins read
Web3 technology continues to gain traction within the technological space with the surge in adoptions and the emergence of many startups building…
Now you knowRandomStartups

San Francisco Crypto Integration Platform Hatchfi, Raises $1.2M In Pre-Seed Funding

1 Mins read
Founded in 2022 by Carlos Feliciano and Casey Wilcox, Hatchfi is a San Francisco crypto integration platform that allows users to seamlessly…
Now you knowRandomStartups

African Gaming Startup Carry1st Raises $27M From Pre-Series B Funding Led By Bitkraft Ventures And A16z

2 Mins read
Unknown to many, the video gaming industry has increasingly become very popular and lucrative around the world, with global revenue of $154.6…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply