Egypt-based ecommerce startup, Brimore, is preparing to raise more funding to strengthen its business in Egypt after receiving a $3.5 million investment in May 2020. The International Finance Corporation (IFC) is exploring a $5 million investment in the four-year-old social ecommerce startup.
As a result, the World Bank Group member institution in responsibility of the private sector in emerging markets might take part in a series of events. A round table has been launched in support of the startup that Mohamed Abdulaziz, the current CEO, and Ahmed Sheikha, the commercial director, co-founded in 2017.
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“This investment proposal in IFC shares will be used to finance the expansion of the company and expand its activities in Egypt,” IFC’s published investment plan disclosed.
The fundraising is expected to take place in the coming months, according to various media reports.
The firm, which uses a social commerce model to reach underrepresented sectors, is anticipated to raise $15 to $20 million in funding and welcome new shareholders to its round table.
This investment proposal comes more than a year after a $3.5 million investment was mobilized by this start-up located in the Netherlands but operating in Egypt to expand its infrastructure and develop new products for its clients.
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A Look At What Startup Brimore Does
Brimore looks like a regular ecommerce startup with a touch. The startup’s platform includes supply chain and payment facilities which it claims to be serving hundreds of SMEs, selling thousands of products including packaged foods, personal care, and household goods.
Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore provides small and medium-sized manufacturers in Egypt with access to nationwide distribution through its large network of individuals (freelancers) who sell and recruit others to sell consumer goods within their local communities.
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The startup claims more than 9,300 agents work for it, with 90 percent of them being women.
Brimore ecommerce Brimore ecommerce
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer