Finance

Egyptian e-commerce platform Brimore raises $800,000 Algebra Ventures-led funding round

Thursday, 04 April 2019 16:13
Egyptian e-commerce platform Brimore raises $800,000 Algebra Ventures-led funding round

(Ecofin Agency) - The American venture capital Endure Capital that operates in Africa via its representation office in Egypt has co-led an $800,000 funding round for Brimore, a local retailing group.

The investment firm Flat6labs and venture capital 500 start-up took part in this operation. The E-commerce firm mainly distributes products offered by SMEs. It will use the funds to develop its marketing strategy, its platform and its team.  

Ahmed Sheikha, one of its co-founders, revealed that Brimore wanted to enter emerging markets, in Africa notably. “A couple of zones are under our radar now, and we plan to leverage on the learnings being captured in the Egyptian market to reapply,” she said.

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