To support the growth of local manufacturers, create job opportunities, and develop e-commerce in Egypt, IFC today announced an equity investment in Brimore, a leading Egyptian social commerce platform that connects emerging brands with distributors and customers.
IFC is co-leading Brimore’s $25 million Series A round with an investment of $5 million in the Cairo-based company, which provides small- and medium-sized manufacturers in Egypt with access to the mass market through a large network of distribution agents, most of whom are women.
IFC’s investment will help Brimore grow its network of agents, serve more Egyptian manufacturers, and mature the country’s still fledgling e-commerce sector. Brimore currently works with more than 300 Egyptian manufacturers, which produce everything from household goods and personal care items to appliances, helping them reach customers across the country.
Brimore is also considering building on its success in Egypt to expand to other markets in Africa.
“This investment offers a new gateway for our company to deepen our operations, add new products, and increase our reach,” said Ahmed Sheikha, Brimore’s Co-Founder and Chief Business Officer. “Our goal is to increase the access of consumers to locally manufactured goods while creating flexible work opportunities, which can transform lives.”
“We see companies like Brimore playing an increasingly important role in the post-pandemic world,” said Stephanie von Friedeburg, Senior Vice President of Operations at IFC. “E-commerce has expanded rapidly since 2020, but in Egypt and elsewhere in Africa there is still substantial room for growth. IFC’s investment will help Brimore connect more producers with more markets, giving a boost to Egypt’s manufacturers, providing access to women-owned firms, and creating jobs and opportunities for Egyptians.”
Brimore’s agents handle the marketing, sales, and distribution of products supplied by manufacturers. They help customers save money by grouping several orders together and then placing a bulk order with Brimore at a reduced price.
Brimore is also a portfolio company of two of IFC’s investee funds, Flat6Labs Cairo, a $13 million accelerator and early-stage venture capital fund, and Algebra Ventures, a $54 million venture capital fund focused on Egypt.
IFC’s investment portfolio in Egypt stands at $1.2 billion as of January 2022. During the past two fiscal years, IFC has committed and mobilized about $720 million in the country, supporting private businesses and economic activity through the COVID-19 pandemic. This investment is part of IFC’s strategy to support Africa’s blossoming tech sector.
Brimore is Africa’s first and fastest-growing social commerce and parallel distribution channel with a network of 75,000 sellers – 74% of whom are women – covering 27 cities which are primarily in rural and remote areas across Egypt. We provide emerging brands with nationwide coverage through a network of individual sellers. We partner with more than 300 suppliers offering a wide range of products in multiple categories.
IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.
Source : IFC