Brimore, which was founded in 2017, has developed a platform that uses the strength of individual social networks to provide wide, cost-effective market access. Through a network of micro-distributors across Egypt, it allows producers to sell their products directly to end customers.
Hundreds of SMEs utilise the startup’s platform, which includes payment and supply chain features, to offer thousands of products like as packaged meals, personal care, and home goods through tens of thousands of social sellers across Egypt’s 27 governorates.
Brimore secured a pre-Series A round of US$3.5 million last year, and it has now revealed that it has finalised an investment from Fawry, which has purchased a minority position in the company. The investment, which will be made as part of Brimore’s future Series A fundraising round, will also allow Fawry to use its position as a strategic investor to engage, assist, and drive growth within the firm as well as in Egypt’s larger 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 revolutionise commerce in Egypt,” said Brimore co-founder and chief executive officer (CEO) Mohamed Abdulaziz.
“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.”
Fawry said it had found a number of potential synergies between Brimore and its own areas of business. The business wants to integrate its payments and financial services solutions seamlessly into the Brimore platform, with more collaboration with Fawry’s complimentary verticals in commerce and FMCG on the way.
“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.
“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 digitising 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.”
