Tech in Africa
Fawry, trading in Egypt’s Exchange as FWRY.CA, the country’s largest e-payment platform serving the banked and unbanked has finalized an investment in social commerce platform Brimore. The minority investment into Brimore will enable SME manufacturers to overcome existing go-to-market challenges through its nationwide distribution capability.
The investment comes as part of Brimore’s Series A in a funding round marking a strategic partnership with high-potential tech companies which generate profitable synergies furthering its objective of developing the country’s digital ecosystem. In 2020, Disruptech’s fintech fund invested $25 million in Brimore marking its first investment. This was part of a larger investment of $3.5 million by Algebra Ventures in a pre-series A round. A year prior, Brimore invested $800,000 in a seed funding round led by Endure Capital and Algebra.
Mohamed Abdulaziz and Ahmed Sheikha founded Brimore in 2017. Both share extensive experience in the supply chain industry. The social commerce platform will then leverage its large network of associated freelance community distributors in selling and recommending products to their local communities using a variety of digital on-the-ground channels.
The company’s services allow small manufacturers to avoid making costly in-house investments in production and distribution in turn reducing the reliance on inefficient traditional distribution networks while helping consumers with high-quality products at affordable rates. SME manufacturers using Brimore receive unprecedented market access to markets while enjoying a level playing field with more established industry players.
Fawry’s management has identified several opportunities to foster synergy between Fawry and Brimore. Fawry is working to achieve the seamless integration of the company’s payments and financial services solutions onto its platform.
Eng. Ashraf Sabry, Fawry CEO pointed out how the company’s access to financial and business services will enable the small and micro enterprises to play a bigger role in the country’s economy. He revealed that Brimore has a strong merchant network of over 230,000. Mohamed Abdulaziz, Fawry co-founder, and CEO described the investment in Brimore as a vote of confidence in the company.
Source: Fawry
