Egyptian Agtech Mozare3 has raised over $1 million in pre-seed funding which was led by Algebra Ventures and Disruptech, and some angel investors like EFG-EV participated in the round.
Mozare3 was founded by Hussein Abou Bakr and Tamer El-Raghy in 2020, the company aims to serve over 20 million small farmers in Egypt by providing them with access to markets and credit.
Mozare3 assists farmers in selling their crops by partnering with institutional purchasers such as frozen vegetable processors, major wholesalers, and retailers.
The company reduces the stress of farmers not getting buyers after the harvest season. Most importantly, it encourages farmers to focus on their work without worrying about after-harvest sales.
According to MENabytes, Abou Bakr, co-founder and CEO said they currently have offtake agreements with 100 farmers and three large institutional buyers.
Hussein Abou Bakr also added “We aim to grow our network of farmers [who we have offtake agreements with] to up to 2,500 and have between 25 to 50 insititutional buyers by the end of 2022. Mozare3’s app will also serve farmers who we don’t have offtake agreements with by helping them buy different types of products and receive online support from our in-house experts. We’re hoping to reach 10,000 farmers within the next eighteen months with the app“
Mozare3 plans to use the funds to build its tech, expand its team and grow its network of farmers.