Social commerce and parallel distribution platform, Brimore, announced earlier this week that its rather successful Pre-Series A round added another $3.5 million to the company’s valuation. The round was led by Algebra Ventures, with significant contributions coming from Vision Ventures, Disruptech, Flat6Labs, and 500 Startups.
The seven-figure funding round comes nearly a year after Brimore raised $800,000 in a seed round co-led by Endure Capital and Algebra Ventures.
For those out of the loop, Brimore prides itself as a new-age platform that connects manufacturers directly with consumers. It is perhaps the first-of-its-kind social commerce company in MENA offering a nationwide distribution platform for small and medium manufacturers. The startup, backed by a rather extensive network of individual sellers, is a handy and affordable way to reach every nook and corner of your target markets.
As of today, Brimore claims to have enabled tens of thousands of social sellers across Egypt to start their own business and nurture it with zero initial investment. Also, considering that the majority of Brimore sellers are females who earn hundreds of dollars per month, the company is playing a significant role in Egypt’s ongoing efforts in women empowerment.
“‘I’m proud of the trust our investors are showing in Brimore. We continue to provide unique opportunities to our micro-distributors and suppliers in such a tough time. Our growth strategy was built on strong fundamentals and healthy unit economics which has enabled us to maintain 10X year-on-year growth while facing several challenges, including the COVID-19 pandemic,” says Abdulaziz, CEO & co-founder. ‘
He also stated that Brimore will utilize the newly added capital to accelerate growth and strengthen its infrastructure.