Egypt-based social commerce startup Brimore has announced that it has finalized a $3.5m investment from e-payments solutions and banking services provider Fawry.
Brimore was founded in 2017. The startups aim at providing payment and supply chain facilities for SMEs selling thousands of products including packaged foods, personal care, and household goods through tens of thousands of social sellers in all 27 governorates across Egypt.
Brimore leverages the power of individual social networks to enable users to access its cost-effective market, enabling manufacturers to sell their products directly to end consumers through a network of micro-distributors across Egypt through its platform.
Brimore co-founder and chief executive officer (CEO) Mohamed Abdulaziz speaking on the funding asserts that the investment is a sign of great confidence in Brimore and that the startup will maintain its impactful position by partnering with Fawry. In his words:
“Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt.
“Our platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment. We allow ordinary people, most of whom are women, to reach millions of customers across the country.
“Our partnership with Fawry leaves us in an ideal position to continue changing thousands of lives for the better while maintaining our rapid and impressive growth trajectory,” said Abdulaziz.
Fawry’s CEO Eng. Ashraf Sabry also said that the firm has identified huge opportunities to partner with Brimore.
“We look forward with great anticipation to our journey with Brimore. The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy.
“Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership. Moving forward, we aim to offer Fawry’s full suite of financial solutions to our partners at Brimore, their network of distributors, and their customer base.
Fawry’s investment in Brimore fully aligns with our strategic objectives of expanding Fawry’s digital ecosystem and establishing a foothold in Egypt’s booming e-commerce scene. We at Fawry believe that rapidly digitizing how business is done in Egypt is key to fostering the expansion of small businesses to hard-to-reach populations, accelerating economic growth, and creating a better future for all” said Ashraf.
Brimore will use the Series A funding round, to accelerate its role as a strategic investor to engage, support, and encourage growth at the company and in Egypt’s wider digital ecosystem.