Original disclosure @ IFC website
Updated in EWS May 6, 2022
Disclosed by Bank Aug 9, 2021
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According to bank provided information, IFC is considering an equity investment of US$5 million in Brimore. The funding will primarily be used to expand the Company’s operations.
Brimore (or “the company”) is a tech-enabled retail distribution platform in Egypt connecting approximately 111 medium and small manufacturers (suppliers) to end customers (consumers and trade shops) through a network of independent sales agents (also called distributors). Over 90% of the agents are women who earn commissions from selling goods within their communities while recruiting other sales agents into the network. The company has over 9,300 agents. Goods sold through Brimore consist of household appliances, textiles, clothing, health and wellness products, baby care products, personal care products, dry foods, beverages, cosmetics and beauty products. The company operates 1 central warehouse and 8 micro-fulfillment centers with a cumulative area of 11,365 square meters (“sqm”) providing storage for goods before distribution to agents and end customers. Brimore also provides a last-mile delivery service through a contractor who provides and manages the transportation fleet and the drivers. This service covers about 20% of the shipments, with the other orders are delivered through a contracted courier service. IFC is considering an equity investment of up to $5 million which will primarily be used for hiring new staff, renting of a new warehouse covering about 30,000 sqm, launching a nationwide credit program, establishing micro retail stores via a franchising model and launching last-mile delivery operations in Egypt (the “Project”).
Proposed IFC equity investment of up to US$5 million as part of the Series A financing round to fund the Company’s expansion.
Brimore was founded by Mohamed Abdulaziz, who currently serves as the CEO, and Ahmed Sheikha, who currently serves as the Chief Business Officer. Existing shareholders in the Company include Algebra Ventures (an IFC investee fund) and Endure Capital.
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Chief Business Officer
5 Othman Towers Maadi, Cornish, Cairo, Egypt
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