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Giza-based Agri-fintech startup Mozare3 has secured an undisclosed seven-figure amount in a pre-seed funding round led by Algebra Ventures and Disruptech Ventures, with participation from EFG-EV, and a group of reputable angel investors.
Mozare3 is digitally innovating financial services for Egyptian smallholder farmers
Tarek Assaad, Managing Partner at Algebra Ventures attributes their investment into the startup to the innovative financial products offered in a market that requires a tech-enabled solution.
“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. 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.”
Founded in 2020 by Hussein Abou Bakr, Tamer El-Raghy with the support of Mohamed Okasha, Mozare3 is a platform that provides underserved and unbankable smallholder farmers with access to a range of financial products, markets, and agronomy support.
Hussein Abou Bakr, founder, and CEO of Mozare3 explains the main aim of the startup.
“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.”
According to the startup it currently serves over 20-million smallholder farmers with its innovative and much-needed financial products.
Tamer El-Raghy, co-founder of Mozare3 explains that the startup provides a service that aims to address existing gaps within the smallholder farmer industry.
“While the agri sector contributes more than 10% of the GDP and 25% of national employment, farmland is very fragmented with more than 40% of the farms with an area of less than 1 acre. This fragmentation represents an opportunity for an agri-fintech platform, like Mozare3, to bring efficiencies to the supply side, by providing those farmers with innovative financial products, agronomy support, and access to markets, and hence turn those farmers into contract-farmers, in order to fulfil the growing demand of consumers, processors, and exporters.”
Featured image: Supplied