Brimore an Egyptian social commerce startup has recently raised funding through e-payments solutions and banking services provider Fawry, the North African country’s first startup “unicorn”, as part of its upcoming Series A round.
Founded in 2017, Brimore has progressively established a platform that leverages the power of individual social networks to enable broader, cost-effective market access.
This platform permits manufacturers to sell their products directly to an end consumer through the network of micro-distributors across Egypt.
The platform of the startup, includes both payment and supply chain facilities, as it efficiently serves hundreds of SMEs, which sell thousands of products that include packaged foods, personal care, and household goods through a wide range of social sellers in all 27 governorates across Egypt.
Approximately Brimore raised about US$3.5 million pre-Series A round last year and has now publicized its finalized investment from Fawry, which has acquired a minority stake.
Alongside Brimore’s upcoming Series A funding round, the investment will also enable Fawry to leverage its responsibility as a strategic investor to support, engage, and encourage growth at the company and also in Egypt’s wider digital ecosystem.
“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,” said Brimore co-founder and chief executive officer (CEO) Mohamed Abdulaziz.
The startup has empowered tens of thousands across Egypt to commence and grow gainful businesses with no primary investment. The platform has also empowered women, to reach millions of customers across the country.
Fawry also reported about its diverse identified openings for nurturing synergies between Brimore and Fawry’s own lines of business.
The company’s aim is to achieve perfect consolidation of its payments and financial services solutions into the Brimore platform, with more cooperation mapped out with Fawry’s complementary verticals in the commerce and FMCG spaces.
“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,” said Fawry CEO Eng. Ashraf Sabry.
With over 230,000 strong merchant networks in Fawry, there is hope for this area, to be one of lasting value through their partnership with Brimore.
Moving onward, Fawry’s plans to render a complete and full suite of financial solutions to the partners at Brimore, also their network of distributors, and customer base.
The strategic objectives of an expansion of Fawry’s digital ecosystem and building a foothold in Egypt’s booming e-commerce aligns fully with Fawry’s investment in the startup.
Fawry is of the opinion that promptly digitizing how business is done in Egypt is key to promoting and growing an expansion of small businesses to hard-to-reach populations, thereby, speeding up the economic growth, and creating a better future for everyone.
Featured Image: Brimore Founders
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.