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Egyptian social commerce startup Brimore raises $25M led by IFC and Endure Capital – TechCrunch

Egypt’s social e-commerce market Value over $ 14.8 billion By 2024.Opportunities in the market Attribution As domestic online social sellers grow, we help more than 1.25 million, lesser-known brands sell and distribute their products through a variety of networks.

BrimoreWith remarkable growth over the last three years, market leaders in the country, and to some extent Africa, have raised $ 25 million in a Series A round. society Founded by 2017 Mohamed Abdulaziz and Ahmed Sheikha.

While engaged in the FMCG business, both founders said that emerging brands put their products on the mass market, mostly because of the advantages of established brands that have built their own distribution infrastructure over the years. I witnessed how difficult it was.

On the other hand, thousands of individuals, especially women and stay-at-home orders, wanted to start an e-commerce shop, but didn’t know how to do it and didn’t have any products to sell.

“We started working on Brimore with the idea of ​​actually manufacturing our own products. butAt the time, manufacturing our products wasn’t the wisest decision because it was a very asset-rich model, “TechCrunch CEO Abdulaziz said in an interview.

“Therefore, we started scaling by listing different products. At the same time, it was very insightful to see how the network was formed on the other side. From the seller’s point of view, we More and more sellers have begun to onboard. Most of them happen to be women. “

Brimore connects both worlds through the app as an omni-channel social commerce platform. Therefore, small and medium-sized suppliers can provide access to these new products to these individuals who are both sellers and word-of-mouth marketers. Thus, these manufacturers have advertising and marketing in locks while these sellers start their e-commerce business and earn extra cash.

Image credit: Brimore

Over the last three years, Brimore claims that revenue has grown about 400 times. The platform has more than 300 suppliers with approximately 8,000 different SKUs, including packaged foods, personal care and household products. The social commerce platform has also built a network of 75,000 sellers (74% of whom are female) covering 27 cities. mainly Rural and remote areas of Egypt..

“We are using our unique infrastructure and technology, an ecosystem of supply and demand, logistics and finance, to provide emerging brand owners with an opportunity to penetrate the market,” Brimore said in a statement. I am saying.

“We are building a smart, reliable infrastructure and a complete ecosystem that enables the masses to do business... That’s why anyone with a store or housewife can do business with Brimore, online or offline. ” Ahmed Sheikha, Chief Investment Officer of the company.

When sellers register on the platform, they will see different product images from different manufacturers... Share these photos on social media such as Facebook, Instagram, WhatsApp, Telegram, generate orders and place them in your app. Once Brimore confirms, its delivery process Depends Where sellers want to deliver their products: To them or their end consumers.The founders say sellers often want products at their doorstep, but the availability and flexibility of both options distinguishes Brimore from similar social commerce platforms. Taager etc…

Brimore gets a margin from the price difference between the supplier and the seller. The company operates a warehousing and last mile and fulfillment infrastructure through a spin-off called Milezmore. Prior to last year, third-party logistics handled these tasks.

Abdulaziz emphasizes how beneficial Brimore is to sellers, with 24% showing a “significant improvement” in their lifestyle and 88% reporting an increase in income since they started using the platform. Said.

The next step for Brimore is to “grow 50 times in Egypt within the next few years,” the CEO said in a statement... The use of other funds involves expanding logistics and operational infrastructure, doubling the size of staff, doubling the size of product catalogs, and quadrupling the network of sellers and suppliers.

Abdul Aziz also mentioned on the phone Brimore’s plans to introduce financial products, especially plans to trust and replicate Egypt’s efforts across other African markets.

“We want to break the notion of entering a market in Africa. We know that Africa seems to be 54 different markets and that every market has clear dynamics.” He said. “Our vision is to break the concept of market entry through people, reach all the components of online, offline and trust together, and cross-border trade for the new era of commerce. Is to be the next thing. It enables difficult parts of the market, so anyone can produce anything and sell it anywhere... “

The International Finance Corporation (IFC) and Endur Capital have led a new funding round. Walid Labadi, IFC’s Country Manager for Egypt, said this is the world’s largest direct investment in the social commerce space.

Other investors include FinTech giants Fawry, Flourish, effort Catalyst fund.Existing investors who participated in it $ 800,000 seed round Also attended were $ 3.5 million Series A, including Algebra Ventures (leading both rounds), Disruptech, and Vision Ventures.

Egyptian social commerce startup Brimore raises $25M led by IFC and Endure Capital – TechCrunch Source link Egyptian social commerce startup Brimore raises $25M led by IFC and Endure Capital – TechCrunch