Egypt-based social ecommerce platform Brimore has announced it raised USD 25 million in a Series A funding round led by the International Finance Corporation (IFC) and Endure Capital.
With a local ecommerce market worth over USD 14.8 billion by 2024, Egypt has embraced digital payments and has opened new possibilities for merchants and customers in small towns or rural areas across the country. Brimore wishes to cap a portion of the market by connecting sellers and buyers via an app that acts as an multichannel social commerce platform.
The startup launched in 2017 focuses on small and medium-sized suppliers from rural areas who want to sell their emerging products on a safe and social platform across the country.
According to the fintech startup, it counts for over 75,000 sellers covering 27 cities from rural and remote areas in Egypt. Most of the suppliers provide packaged foods, household, and personal care goods, while around 74% of them are women.
The company claims it will use the raised funds to focus on its growth in Egypt, as well as to expand its logistics and operational infrastructure.
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