Mozare3 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.
According to the Food and agricultural organization (FAO) of the United Nations, approximately 24 million people — over one-quarter of the population — work in Egypt’s farming and fishing sectors. And being a major component of the economy, 6.5 million people depend on agriculture for survival.
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.