MAY 12, 2020 CAIRO. Social commerce and parallel distribution platform Brimore has raised $3.5 million in its pre-Series A funding round.
In a press release shared with Tech In Africa, Brimore said that the investment was led by Algebra Ventures, with participation from Disruptech, Vision Ventures, and returning investors, 500 Startups, and Flat6labs.
The Cairo-based startup has secured the investment nearly a year after raising $800K in a seed funding round that was co-led by Algebra Ventures and Endure Capital.
The technology platform leverages social networks to allow manufactures to market and sell their products directly to end consumers.
Using a network of micro-distributors from across Egypt, the platform’s technology also provides access to a payment and supply chain facility that benefits small and medium manufacturers across Egypt and the broader Middle East and Africa region.
According to the startup, “tens of thousands of social sellers in all 27 governorates across Egypt” have benefited from Brimore’s technology, able to start and grow their businesses with zero initial capital.
Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore has seen its business grow tenfold. CEO and co-founder Mohamed Abdulaziz said that the startup’s year-over-year growth has been possible due to its “strong fundamentals and healthy unit economics.”
“With this new round of funding, we’ll be able to invest more in product development, operational infrastructure, and our growth momentum.”
Algebra Ventures’ Managing Partner Tarek Assaad said that the firm would continue to Brimore as the startup looks to expand its product.
“At a time when many are concerned about the impact that COVID-19 will have on the startup community, we are confident that Brimore will come out on the winning end,” said Mohamed Okasha, Disruptech Managing Partner.
Brimore is looking at holding its Series A round within a year.