Algebra Ventures and DisrupTech in pre-seed round for Mozare3

Two Egyptian venture capital firms co-led a pre-seed investment round in an agri-fintech startup in the North African country last week. The two venture firms leading the round are Algebra Ventures and DisrupTech Ventures, with the other members of the investor consortium being EFG-EV and a group of angel investors. Tarek Assaad, Algebra’s Managing Partner and Mohamed Okasha, who holds the same position at Disruptech, led the investment for their respective funds. The amount of capital raised by the startup, Mozare3, was a little over $1 million.

Mozare3 has three priorities for this latest infusion of capital. The startup plans to hire more people to support its expansion, continue developing the platform and do more work on proving the firm’s business model. The investors were impressed by the “capabilities, vision, and passion” of Mozare3’s founders and management team, and the ability of the technology to solve major challenges such as price opacity, supply chain fragmentation, and even fraud for Egypt’s farmers.

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