Tech in Africa
Mozaer3, an Egypt agri-Fintech platform has completed a seven-figure pre-seed funding round led by Disruptech Ventures and Algebra Ventures alongside participation from EFG-EV (a group of angel investors). Nairmetrics reports the amount raised as around $1 million.
As per the Press release shared on Wamda, Tamer El-Raghy, Mozare3’s co-founder outlines that Egypt’s agriculture sector contributes over 10% of the national GDP, accounting for 25% of employment numbers nationally. The land is highly fragmented meaning over 40% of the farms are less than an acre. Mozaer3 provides a chance for Mozare3 the agri-fintech platform to make it’s supply-side more efficient by providing agronomy support, innovative financial products, and market access. Contract farmers are best placed to fulfill growing consumer, processing, and export demand.
Mozare3 was founded in 2020 by Tamer El-Raghy and Hussein Abou Bakr with the support of Mohamed Okasha, one of its existing investors. The startup serves over 20 million unbankable and underserved smallholder farmers and their families across Egypt by providing access to innovative financial products, existing markets, and agronomy support.
Hussein Abou Bakr, the founder, and CEO of Mozare3 pointed out that smallholder farmers enjoy “limited access to financing” where there is “no direct access to markets.”
Tarek Assaad, the MP at Algebra Ventures expressed delight in being “part of their journey.”
