Agtech startup FreshSource raises an undisclosed amount in a new funding round

Monday, 10 September 2018

HIMangel, an Egyptian angel fund from Cairo, has led a new funding round by AgriTech startup FreshSource. Neither party has so far disclosed the size of the deal.

FreshSource was founded by siblings Omar Emara and Farah Emara with the vision of turning it into a top-notch B2B platform that uses technology to connect farmers with urban retailers. The platform is particularly beneficial for farmers for whom sourcing gets a lot easier. As for urban vendors and retailers, they can effectively get rid of the middlemen and purchase their orders at the best prices.

More importantly, because there is no role for wholesalers in the whole process, transactions carried out using FreshSource tend to be far more transparent.

Explaining the rich offering of FreshSource and how it benefits both farmers and vendors, the company’s co-founder, and Chief Executive Farah Emara said: “Extremely long and inefficient value chains contribute to significant food loss as well as heightened prices to the end consumer. FreshSource is working with farmers to enhance their technical capabilities, production planning, and post-harvest techniques as well as connecting them to buyers at fair prices.”

“Hence, increasing their income as well as securing reasonable prices for urban retailers and, in turn, end consumers,” she added.

One reason why FreshSource has so far been successful in grabbing investors’ attention is its promising and thoroughly practical value chain approach that can significantly enhance the efficiency of the food supply chain in Egypt on both economic and environmental fronts.

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