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Brimore, an Egyptian social commerce startup, has closed a $25 million Series A funding round

Tech Gist Africa by Tech Gist Africa
02/04/2022
in Funding, Middle East and Africa, News - Middle East And North Africa, Startups, Venture Capital
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Brimore, an Egyptian social commerce platform, has raised $25 million in a Series A round of funding, which it will use to expand its product and supplier listings across Africa and become the continent’s biggest social commerce app.

The International Finance Corporation (IFC) and Endure Capital led the round, which also included Flourish and Endeavor Catalyst Fund, as well as current Brimore investors Algebra Ventures, Disruptech, Khawarizmi Ventures, and Vision Ventures, in addition to Fawry.

Brimore, which was founded in 2017, has developed a platform that uses the power of individual social networks to provide broad, cost-effective market access.

“We’ve worked on establishing a smart and reliable infrastructure that enables the masses to perform their commerce operations, wherever they are and whatever they have,” said Mohamed Abdulaziz, Brimore’s CEO, and co-founder. “We’ll use the new investment to expand our infrastructure, allowing many more people to join their 50x growth path by 2023 and opening this door of hope and opportunity to others in African markets,” Abdulaziz, added.

Brimore plans to utilize the funds to quadruple its network of dealers and suppliers, double its workforce, and triple the number of products it sells.

 

Read more on Tech Gist Africa:

Chari, a Moroccan B2B e-commerce business, has raised a bridge round valued at $100 million

ExpandCart, an Egyptian e-commerce start-up, has raised $2.7 million in a Pre-Series B funding round

TallOrder, a South African point-of-sale startup, has raised an extra $3.1 million in Series A funding

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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