Providing access to advanced financial products and markets for 20 million unbanked smallholder farmers, Mozare3 is seeking to revolutionise how farmers sell crops.
Egyptian agri-fintech platform Mozare3, whose name is the Arabic word for smallholder farmer, has secured seven-figure funding in a pre-seed round led by Algebra Ventures and Disruptech Ventures, which saw participation from fintech accelerator EFG-EV and a group of angel investors.
Founded by Hussein Abou Bakr and Tamer El-Raghy with the support of Mohamed Okasha in 2020, Mozare3 provides access to advanced financial products, markets, and agronomy support for over 20 million unbanked smallholder farmers.
“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 revolutionize the way farmers plan, farm and sell their crops,” said Abou Bakr.
The startup boasts a high-caliber team with a plethora of experience in agriculture and fintech, including Abou Bakr, who is bringing on board three generations of agri-serial entrepreneurship experience and 20 years of industry know-how in small-scale and commercial farming, food processing, and international trading. Before founding Mozare3, Abou Bakr had launched Plantform—a leading agri-processor and exporter which sourced locally from smallholder farms in over 10 Egyptian governorates.
Meanwhile, with 10 years of experience in M&A, private equity, and venture capital investments in the realm of African agriculture and food, El Raghy, who is MD of Acumen Capital Partners, is boosting expertise for the startup.
Finally, Okasha’s 12 years of fintech experience as Co-Founder of Fawry is proving a vital form of support for Mozare3.