Mozare3, Egypt’s first agri-fintech platform has closed a funding round for over a $1m, led by Disruptech Ventures.
The platform gives access to more than 20 million under-served, unbankable smallholder farmers in Egypt, as well as access to innovative financial products, markets, and agronomy support.
Mozare3 was founded in 2020 by Hussein Abou Bakr and Tamer El-Raghy, with the support of Mohamed Okasha.
“Egyptian smallholder farmers have limited access to financing and no direct access to markets,” said Abou Bakr, the platform’s CEO, “We believe that an agri-fintech platform focused on those farmers, like Mozare3, would revolutionise the way farmers plan, farm and sell their crops.”
He noted that, while the agri sector contributes more than 10% to Egypt’s GDP and 25% of national employment, farmland is very fragmented. More than 40% of the country’s farms cover 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. It does so by providing those farmers with innovative financial products, agronomy support, and access to markets, and hence turn those farmers into contract-farmers, to fulfil the growing demand of consumers, processors, and exporters.
Mohamed Okasha, Managing Partner at Disruptech said, “We are very excited to lead this round for Mozare3, which serves a large, underserved segment.”
“We have been working closely with the Mozare3 founding team for a year to launch the first Agri-Fintech company in Egypt,” he added, “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.”
Okasha noted his company’s pleasure that Mozare3 is Disruptech’s first investment in 2021, and the fifth since its launch.