Egypt’s B2B Startup Brimore Raises USD 800K Seed Funding
Cairo-based consumer goods distribution network Brimore has raised USD 800K in a seed funding round co-led by Algebra Ventures and Endure Capital. The funding round also saw participation from 500 Startups, regional accelerator Flat6Labs, as well as angel investors
Founded in March 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay Brimore is a direct-selling distribution platform enabled by technology for manufacturers to list their products. It helps small local manufacturers sell their products directly to consumers through its network of freelance sales agents. It uses an Avon-like model to incentivize these sales agents who could consume the products themselves, sell it to their friends, relatives and neighbours, or even put them up for sale in the small stores in their neighbourhoods.
Using its model, Brimore creates an entirely new marketing and distribution channel that is built on data analytics and the power of social networks. Brimore’s channel extends well into the rural areas in Egypt.
Ahmed Sheikha, the co-founder and CBO, says, “We’ve merged sales, marketing, and distribution in one transaction. 92 percent of our distributors are women who want high-value jobs and the option to work from home. We’re on a mission to support our distributors through economic empowerment and continuous training opportunities. We started in Egypt but we’re aiming to grow in other emerging markets, particularly in Africa.”
Abdulaziz co-founder and CEO of Brimore, notes, “Many local manufacturers and products have suffered and died because of inefficient and expensive distribution networks that are better suited to big multinationals. We’re leveraging the power of people and their social networks to solve the problem of market access for SMEs in Egypt and disrupt the traditional distribution model.”
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The startup currently works with over 20 local manufacturers selling products across different categories including beauty, perfumes, home care, F&B, textiles, electrical appliances, mobile phone accessories, and even dry food with Perfumes being the top-selling product currently.
Tarek Assaad, Algebra Ventures’ Managing Partner, commenting on the occasion, said, “We’re very impressed with the Brimore team and their approach to solving an expensive and complex problem. We believe the company will change how small and medium manufacturers think about selling goods to the large base of Egyptian consumers.”
Tarek Fahim, Endure Capital’s Managing Partner while speaking about Brimore said, “At a time when all major FMCGs are ‘buy one, get one free’ companies, distribution simply wins. We are proud to support Brimore in their endeavors to enable resellers and hopefully change their lives for the better.”
Hasan Haider, Partner at 500 Startups, said, “Brimore is solving a problem in many emerging markets – how to get products to reach a wider base and fix broken distribution channels,’ says . ‘In addition, the support being given to their partners and women all over Egypt to build their businesses and be self-sufficient is a great benefit.”
“Flat6Labs Cairo has been one of the first believers in Brimore. We are excited to continue our strategic partnership with the team and to be supporting them further through this round of follow-on investment,” said Ramez El Serafy, CEO of Flat6Labs.
The startup with 17 employees intends to channel the investment to build technology for manufacturer side of the platform as well as improve and expand their tech platform.
