Egyptian Agri-Fintech platform Mozare3 has closed a funding round for over a 1 m USD led Disruptech Ventures.
Mozare3 is a platform that gives access to more than 20 million underserved, unbankable smallholder farmers in Egypt, access to innovative financial products, markets and agronomy support.
Mozare3 was founded in 2020 by Hussein Abou Bakr, Tamer El-Raghy with the support of Mohamed Okasha.
“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 Hussein Abou Bakr, founder and CEO of Mozare3.
“While the agri sector contributes more than 10% of the GDP and 25% of national employment, farmland is very fragmented with more than 40% of the farms with an area of less than 1 acre. This fragmentation represents an opportunity for an agri-fintech platform, like Mozare3, to bring efficiencies to the supply side, by providing those farmers with innovative financial products, agronomy support and access to markets, and hence turn those farmers into contract-farmers, in order to fulfil the growing demand of consumers, processors and exporters,”
Mohamed Okasha, Managing Partner at Disruptech said, “Very excited to lead this round for Mozare3 – a large, underserved segment and very experienced management team. We have been working closely with Mozare3 founding team since a year to launch the first Agri-Fintech company in Egypt. We are very confident that Mozare3 will digitally transform this market and enable farmers access to finance and market information in a very innovative way. We are happy that Mozare3 is Disruptech’s first investment in 2021 and the fifth since launch”
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