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.

632 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
Foreign startupsNewsRandomStartups

Seattle Based Groopit Raises $3.5M In Seed Funding

2 Mins read
Groopit is a leading provider of crowdsolving software, revolutionizing the way people collaborate to solve problems. By utilizing Groopit, front-line employees can…
Artificial IntelligenceForeign startupsRandomStartups

Orbital Witness Secures £7.5 million In Series A Funding

3 Mins read
Founded in 2018 by Will Pearce and Ed Boulle, Orbital Witness is a London-based company at the forefront of using advanced AI…
RandomStartups

Kindred Raises $15M Series A Funding Round

1 Mins read
The pandemic has also played a role in driving interest in home swapping, as more people have become interested in domestic travel…
Get powered up with Techpadi Newsletter

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

Leave a Reply