Finance

Egyptian trade platform Brimore raises $3.5mln growth fund

Thursday, 14 May 2020 13:42
Egyptian trade platform Brimore raises $3.5mln growth fund

(Ecofin Agency) - Brimore, an Egyptian trade platform, raised $3.5 million in an operation led by Algebra Ventures and backed by various venture capital and investment firms.

The retail company co-founded in 2017 by Mohamed Abdulaziz, Ahmed Sheikha, and Mahmoud Refaay intends to invest the money in its expansion plan and strengthen its personnel. “With this new round of financing, we will be able to invest more in product development, operational infrastructure, and our growth momentum,” said Mohamed Abdulaziz.

This new round of financing comes one year after the fundraising operation carried out with the American venture capital firm Endure Capital and the Egyptian company Algebra Ventures.

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