The agriculture-focused fintech company was founded in 2020 by Hussein Abou Bakr, Tamer El-Raghy, and Mohamed Okasha to help Egypt’s underserved, unbankable smallholder farmers and their families gain access to innovative financial products, marketplaces, 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 firm is still in its early stages, but it has raised pre-seed capital from a group of influential regional investors. Algebra Ventures and Disruptech Ventures are leading the round, which also includes EFG-EV and a handful 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.”
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