Cairo-based agritech startup, FreshSource Global has secured a seven figure investment. The round was led by Wamba and 4DX, a leading venture capital firm in the Middle East and North Africa region (MENA).
FreshSource is a company that aims at bridging the gap between producers and vendors by leveraging on data and technology to enhance speedy delivery. The startup aims at refining the sourcing of fruits and vegetables by taking a value chain approach to create a superior sourcing experience.
The company offers medium and large scale farmers opportunities to enter into contract with hotels, restaurants and marketplace. Upon harvesting goods, FreshSource delivers the agreed-upon products to the contractors.
On the raise, Peter Orth, Co-Founder and Managing Partner at 4DX Ventures said:
“We’re really excited to partner with Farah and Omar. They’ve shown excellent knowledge of the market and ability to execute so far, and we think that they have the potential to build a really important business in the coming years.
Great pricing, reliability, and quality is essential for the agriculture / food industry, and Freshsource is helping to deliver a service quality well ahead of anything else in the market,” he said.
With Farah’s knowledge of entrepreneurship and Omar’s computer skills, FreshSource uses data and technology to handle the distribution process from storage and logistics to final delivery.
Farah Emara, co-founder and CEO of FreshSource said, “We saw a substantial market opportunity and believed that with our Management, Finance and Tech background coupled with our family business know-how, we would build a high-growth and impactful business that will introduce new ways of sourcing in the country.”
The company is scaling at a rapid pace and is now serving major customers across 11 Egyptian cities. FreshSource plans to use this funding for regional expansion into all of Egypt’s governorates.
“We are proud to have the confidence of some of the strongest investors in the region who share our vision of leveraging data and technology to streamline the inefficient agri supply chain.
This new investment will allow us to continue to bring top talent on board and build the team we need to achieve our mission and accelerate our growth.” – Omar Emara, COO & Co-Founder.
According to FreshSource, Agriculture contributes about 11.3% of the country’s gross domestic product and accounts for 28% of all jobs.
Lamentably, 45% of products and profit in Egypt’s market is lost along the supply chain due to poor storage and management. This further leads to inflated prices of goods as only a fragment of produce is left to feed the teeming population of over 101 million.
FreshSource is taking laudable measures in the agriculture sector to ensure maximum production and distribution.