Mozare3 lands seven-figure pre-seed round from Algebra, Distruptech
Agri-fintech startup Mozare3 has raised a seven-figure investment in a pre-series A funding round led by Algebra Ventures and Disruptech, according to a press release (pdf). The statement made no mention of how the company plans to deploy the funds. Mozare3 provides “innovative financial products, markets, and agronomy support” to small farmers across Egypt.
Boosting efficiency for small farmers: Despite contributing to more than 10% of Egypt’s GDP and employing 25% of its workforce, the agrifoods industry is “very fragmented” with over 40% of farms smaller than 1 acre, Mozare3 co-founder Tamer El-Raghy said. Such fragmentation is an opening for Mozare3 “to bring efficiencies to the supply side,” and offer support to farmers he added, in order to, “fulfil the growing demand of consumers, processors and exporters.”
Mozare3 was founded last year by El-Raghy and Hussein Abou Bakr with backing from Distruptech founder and former Fawry CEO Mohamed Okasha. Abou Bakr (LinkedIn) previously founded Plantform, now a leading agri-processor and exporter, while El-Raghy (LinkedIn) is the managing director of Africa-focused agri VC fund manager Acumen Capital Partners.