Egyptian agri-fintech platform Mozare3 has closed a seven-figure US dollar pre-seed funding round to help it reach more smallholder farmers with its innovative financing platform.
Founded in 2020 by Hussein Abou Bakr, Tamer El-Raghy and Mohamed Okasha, Mozare3 helps underserved, unbankable smallholder farmers and their families in Egypt by providing them with access to innovative financial products, markets and agronomy support.
“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 revolutionise the way farmers plan, farm and sell their crops,” said Bakr, the startup’s chief executive officer (CEO).
The startup is in its early stages but looking to scale its impact after raising pre-seed funding from a group of heavyweight regional investors. The round is led by Algebra Ventures and Disruptech Ventures, with participation from EFG-EV and a group of reputable angel investors.
“The agriculture industry suffers from price opaqueness, supply fragmentation and high levels of fraud, to name a few of the challenges. We believe that it is one of the segments of the Egyptian economy that can benefit the most from tech efficiencies,” said Tarek Assaad, managing partner at Algebra Ventures.
“We had been looking at making an agri-tech 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.”