Back to the complete issue
Tuesday, 25 May 2021

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.