Egypt’s eCommerce Platform Brimore Nets $25M for Growth

Brimore, which calls itself Egypt’s largest social commerce platform, has closed a $25 million Series A funding round, the company announced in a Monday (Jan. 31) press release.

The startup said the new capital will be used to add products and suppliers and expand its app across Africa. In addition, it plans to double the number of employees, operate in three countries and strengthen its physical logistics capabilities by 2023, the release stated.

The latest financing was led by the International Finance Corp. and Endure Capital, with participation from Fawry, Flourish, Endeavor Catalyst Fund and existing Brimore investors Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures, according to the release.

Since its founding in 2019, Brimore said it has grown 400 times and created a network of nearly 75,000 resellers in 27 Egyptian cities, many in rural and remote sections of the country, the release stated.

Brimore said in the release that it uses its infrastructure and proprietary technology to make markets available to emerging brands. The company said it enables its sellers, primarily women, to become local business leaders through online and offline sales channels.

“In the past three years, we’ve focused on building a smart and reliable infrastructure that enables the masses to do their commerce businesses, wherever they are, and whatever they have,” said Brimore CEO and Co-Founder Mohamed Abdulaziz in the release

The past few years have seen many FinTech startups in Africa enjoy gross annual revenues of more than $100 million.

Read more: Africa’s FinTech Startups Are Booming

Last year, OPay set out to raise $400 million after expanding into Egypt.

See more: Nigerian Payments Giant OPay in Talks to Raise $400M at $1.5B Valuation

The company said it processed $2 billion in payments in the first 11 months of 2020.

Meanwhile, Flutterwave achieved unicorn status last year. In October, it was seeking investors for a new funding round that would bring the firm to a minimum valuation of $3 billion.