Egypt: Algebra Ventures invests in agtech early-stage round
Egyptian agri-fintech platform Mozare3 has closed a seven-figure 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 a platform that serves more than 20 million underserved, unbankable smallholder farmers and their families in Egypt, by providing them with access to innovative financial products, markets and agronomy support.
Mozare3 was founded in 2020 by Hussein Abou Bakr and Tamer El-Raghy with the support of Mohamed Okasha.
Hussein Abou Bakr, co-founder and CEO of Mozare3 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 revolutionise the way farmers plan, farm and sell their crops.”
Tamer El-Raghy, co-founder of Mozare3 added, “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 one 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.”
Tarek Assaad, managing partner at Algebra Ventures said, “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.”
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