Mozare3, an emerging Agri-FinTech startup from Egypt has announced that it raised substantial capital in a pre-seed round led by Algebra Ventures and Disruptech Ventures. Sizable contributions came from EFG-EV and a group of angel investors.
While there is no confirmation on the exact size of the funding round, it is believed to have raised a seven-figure capital.
For those unfamiliar with the platform, Mozare3 serves more than 20 million unbankable smallholder farmers in Egypt alongside their families. The startup provides these users with access to markets, agronomy support, and innovative financial products.
The startup was launched in 2020 by co-founders Hussein Abou Bakr, a third-generation serial agri-entrepreneur and Tamer El-Raghy.
Abou Bakr, who is leading Mozare3 as the CEO, commented, “Egyptian smallholder farmers have limited access to financing and no direct access to markets. We believe that an agri-fintech platform focused on those farmers, like Mozare3, would revolutionize the way farmers plan, farm and sell their crops.”
It is worth noting here that Abou Bakr has more than 20 years of experience in small-scale and commercial farming, international trading, and food processing.
Meanwhile, commenting on the decision to fund the startup, Tarek Assaad, Managing Partner at Algebra Ventures, said, “We had been looking at making an agritech investment for some time and are delighted to support Hussein and Tamer as they address this massive opportunity. We were impressed by the vision, capabilities and passion of the Mozare3 team, and we are excited to be part of their journey.”