Egyptian retail platform Brimore raises $3.5m in pre-Series A round

May 16, 2020

Brimore, a digital platform that connects consumer goods manufacturers with a network of direct sales agents, has raised $3.5m in a pre-Series A round. Brimore’s network has sales agents, most of whom are women, in 27 governates in Egypt.

Brimore raised $800,000 in seed funding in April 2019. It plans to raise a Series A round within the next year. This round has been led by Algebra Ventures​ in collaboration with DisrupTECH, ​Vision Ventures​, and returning investors, 500 Startups​, and​ Flat6labs​.​ The company plans to use the funding to support its growth and strengthen its infrastructure.

Brimore, founded by Egyptian entrepreneurs but whose holding company is registered in the Netherlands, describes itself as a “social commerce and parallel distribution platform allowing local suppliers have nationwide coverage through a network of individual distributors (Mostly housewives) selling their products in their circles using all possible channels (omni-channel)”.

At the time of its seed funding round, Brimore claimed to have 5,000 agents, all in north of the country. The company has not revealed how many agents it has now but claims to reach over a million consumers in Egypt.

Although Brimore describes its product range as having thousands of products, the brands it sells are mostly second/third tier and only moderately appealing. A major partner is Diva Foods, an Egyptian dried goods and baking mixes manufacturer. Unlike, for example, Avon (which also operates in Egypt), collateral marketing materials appear amateurish and undeveloped.

 

 

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