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IFC Goes For Egyptian Ecommerce Startup Brimore In Series A Round Of Funding

August 15, 2021

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.

Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay, Brimore — Team Brimore

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.

“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.

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.

The startup claims more than 9,300 agents work for it, with 90 percent of them being women.

Brimore ecommerce Brimore ecommerce

Egypt’s Direct Sales Startup Brimore Raises $3.5 million Pre-Series A To Link Manufacturers With Consumers

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

Egypt’s Direct Sales Startup Brimore Raises $3.5 million Pre-Series A To Link Manufacturers With Consumers

May 13, 2020

Egypt is back with more investments! Investors are preparing for the post pandemic era. Call it a modified form of network marketing! Brimore is what it is, and it has secured the trust of one of Egypt’s most influential and vibrant local investors Algebra Ventures. The startup has announced a major funding deal in its Pre-Series A round in which Algebra Ventures along with other investors poured in $3.5 million to help the startup move to the next stage in its existence.

“I’m proud of the trust our investors are showing in Brimore. We continue to provide unique opportunities to our micro-distributors and suppliers in such a tough time. Our growth strategy was built on strong fundamentals and healthy unit economics which has enabled us to maintain 10X year-on-year growth while facing several challenges, including the Covid-19 pandemic,” co-founder and CEO, Mohamed Abdulaziz said.

Here Is What You Need To Know

Participating in this round is lead investor, Egypt’s leading venture capital firm Algebra Ventures, as well as Disruptech, Vision Ventures, and existing investors 500 Startups, and Flat6Labs.
With this new round of funding, Brimore will invest more in product development, operational infrastructure, and its growth momentum.

‘Our current focus is to keep winning “the moment of truth” with our sales champions, suppliers and consumers both online and offline,” Mohammed said.

In 2019, Brimore raised $800,000 in a seed funding round co-led by Algebra Ventures and Endure Capital.

Why The Investors Invested

Investors trooped into Brimore for one thing: Brimore is bringing a slightly different ecommerce model to the table. The coronavirus is also a major factor with more and more lives now spent on the internet.

“We believe that the large base of consumers in Egypt is best served through customized technology solutions. Brimore is developing world-class technology for our local market which will open up tremendous untapped potential in distribution of goods,” Tarek Assaad, the Managing Partner of Algebra Ventures, said,

“Mohamed and Ahmed have led the company through different challenges and delivered exceptional performance since our first investment in the company last year. We are delighted to continue supporting Brimore as it continues to expand its reach and solidify its leading market position,” he added.

For a VC that boasts to have invested in leading startups in Egypt, such as Eventtus, Elmenus, Algebra Ventures’ investment formula usually follows an arc:

“We invest in technology startups that leverage innovation to transform large markets,’’ the VC notes on its website. “We seek high-growth companies, led by passionate and capable teams, that have a unique value proposition, and that can generate significant economic returns. We look for entrepreneurial teams that possess vision and insight as well as the execution skills needed to build scalable companies.”

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.

“For the past two years, on-the-ground operations and commercial planning have been the cornerstone of Brimore’s success. We are now focusing on technology, data analytics and smart financial solutions to make a solid contribution. This new round of investment will enable us to expand our amazing team of star performers aspiring to transform the retail industry in Egypt,”Ahmed Sheikha, the co-founder and CBO of the startup, said.

Brimore in a statement said that it has enabled tens of thousands of social sellers in all the 27 governorates across Egypt to start and grow their businesses with zero initial capital. The startup said that its typical sellers are females who earn hundreds of dollars per month and collectively reach over a million consumers.

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.

Egypt’s Fintech Startups Khazna & Brimore Secures Funding To Scale Operations

April 21, 2020

Disruptech, the recently established Egypt-focused $25 million fintech fund founded by Fawry’s co-founder and former managing director Mohamed Okasha, and ‘leading finance guru’ Malek Sultan, has made its first two investments. The investments have been made in Khazna & Brimore. The firm did not disclose the exact size of investments but said that each one of them is a six-figure USD deal.

Fawry’s co-founder and former managing director Mohamed Okasha

“We have been very selective with our choice of investors. Disruptech is a partner that will be adding great value and supporting the company with the experience its management team has, specifically in financial services and social impact,” Mohamed Abdulaziz, the co-founder and CEO of Brimore, said.

Here Is All You Need To Know

Khazna, founded last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah is a Cairo-based fintech that aims to provide mobile financial services to over 20 million underbanked Egyptian.
Omar Saleh said, the co-founder and CEO of Khazna, said, “We are happy to have Disruptech as an investor and longterm partner in Khazna. It is an industry specialized fund that will bring significant value to the company.”

Founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha, Brimore is a distribution technology platform that enables local manufacturers and suppliers to have nationwide coverage through a network of individual sales agents– mainly females — selling products directly to consumers in their circles using mobile apps and different other channels.
Mohamed Okasha, the Managing Partner of Disruptech, hinted that the Cairo-based startup could explore the option of expanding into digital lending (for its partners).

“We look at fintech as an ecosystem and Brimore is an edistribution platform with a clear digital lending opportunity and supply chain finance which is part of this ecosystem,” he said.

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