Egypt: 4DX Ventures backs B2B agri-supply platform
FreshSource, the MENA region’s first B2B agri-supply chain platform, has announced a seven-figure investment from 4DX Ventures and Wamda. The Cairo-based, fresh food platform aims to leverage technology and data to become the leading fresh food distributor in the region, by changing the way fresh goods are sourced, moved and sold.
Launched by sibling duo, Farah and Omar Emara, in 2019 out of Cairo, FreshSource has built a strong network of thousands of producers and hundreds of businesses – such as restaurants, hotels, online retailers and traditional retailers – supplying them with their fresh fruit and vegetable needs. The company is scaling at a rapid pace and is now serving major customers across 11 Egyptian cities.
Egypt’s agriculture supply chain, which is highly inefficient and complicated, has led to inflated prices, food loss and low profits for farmers, all problems that FreshSource aims to solve. FreshSource is taking a value chain approach to improve the economic and environmental efficiency of the food supply chain in Egypt where food loss has reached an all-time high, nearly 45%, due to improper handling and storage techniques.
“We saw a substantial market opportunity and believed that with our management, finance and tech background coupled with our family business know-how, we would build a high-growth and impactful business that will introduce new ways of sourcing in the country,” says Farah Emara, CEO and co-founder.
“We are proud to have the confidence of some of the strongest investors in the region who share our vision of leveraging data and technology to streamline the inefficient agri-supply chain. This new investment will allow us to continue to bring top talent on board and build the team we need to achieve our mission and accelerate our growth,” says Omar Emara, COO and co-founder.
“We’re really excited to partner with Farah and Omar. They’ve shown excellent knowledge of the market and ability to execute so far, and we think that they have the potential to build a really important business in the coming years. Great pricing, reliability, and quality is essential for the agriculture / food industry, and Freshsource is helping to deliver a service quality well ahead of anything else in the market,” says Peter Orth, co-founder and managing partner at 4DX Ventures.
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