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.
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