Egypt’s Brimore raises $800,000 in seed fund
Source: Menabytes
Cairo-based direct-selling distribution platform Brimore has raised $800,000 in a seed funding round, the startup announced today in a statement to MENAbytes, adding that the investment was co-led by two of the country’s leading VCs Algebra Ventures and Endure Capital, with participation from 500 Startups, Flat6Labs, and some angel investors.
Founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay who come with extensive experience in FMCGs, direct selling, and distribution management, Brimore helps small local manufacturers sell their products directly to consumers through its network of freelance sales agents. It uses an Avon-like model to incentivize these sales agents who could consume the products themselves, sell it to their friends, relatives and neighbors, or even put them up for sale in the small stores in their neighborhoods.
In their own words, “Brimore is a technology-powered retail distribution platform that allows manufacturers direct access to local communities who can both promote and consume their products. The platform creates significant efficiencies for local manufacturers by dramatically optimizing their branding and distribution costs, providing them with better demand visibility, and allowing them to improve utilization.”
It is an ingenious idea which on one side is empowering manufacturers to reach consumers they previously had no access to for different reasons and on the other side enabling these freelance distributors or sales agents, majority of which are women, make some extra money by selling to people they already know.
Abdulaziz co-founder and CEO of Brimore, notes, “Many local manufacturers and products have suffered and died because of inefficient and expensive distribution networks that are better suited to big multinationals. We’re leveraging the power of people and their social networks to solve the problem of market access for SMEs in Egypt and disrupt the traditional distribution model.”
