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AgTech startup FreshSource raises seed funding from HIMangel
Sep. 12, 2018
FreshSource, an Egyptian AgTech startup just raised an undisclosed amount in seed funding from Cairo-based angel fund HIMangel.
The startup is a B2B platform that was founded in early 2018 by the siblings Farah Emara and Omar Emara. FreshSource aims to connect farmers with urban retailers and vendors.
Basically, the platform will make it a whole lot easier for farmers to sell their produce to vendors. Simultaneously, sourcing for the vendors will be easy. Not only that but FreshSource also offers transparency to both the farmer and vendors, something which is currently lacking.
Curious about how it works? Well, it’s quite simple. If a vendor needs any type of produce, they’d use FreshSource where they’ll help them with arranging and managing the logistics of the produce requested.
Since Egypt’s food waste has skyrocketed to over 30% FreshSource is set to help out in improving Egypt’s food supply chain, which will, therefore, have a positive effect on the economic and environmental efficiency. The startup already has more than 50 vendors and tens of farms that are using their services.
Farah Emara, the founder & CEO of FreshSource commented on the issue stating that long and inefficient value chains have contributed to significant food loss and has heightened the prices for the end customer in Egypt. “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,” she said.
According to FreshSource, they’re currently relying on their internal database and some tools for their operations, but with the new funds, they’re planning on building their own online platform.
Source: Startup MGZN
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