Brimore, an Egyptian based startup, has raised US$25-million in a funding round led by Endure Capital and IFC to expand its products across more African regions. Brimore is an Egyptian social commerce distribution platform that enables manufacturers to sell their products directly to customers through a network of micro-distributors. The company was established in 2017 by Mohamed Abdulaziz, Ahmed Sheikha and Mahmoud Refaay and has since built a comprehensive supply chain network to facilitate trade within Egypt. The stake acquired in the new investment round was not disclosed.
Endure Capital is an early-stage investment fund headed by entrepreneurs and invests in startup teams with great ideas and execution capability to build companies that achieve hyper-growth. The firm has achieved an IRR of 43% with a total current portfolio value of US$80-million. Endure Capital has invested in startups such as Aspect, Boom, Breadfast, Numan, Thndr and Tribal with successful exits in Careem and RedDoor.
IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries.