FreshSource, an Egyptian startup that claims to be redefining the agricultural supply chain, has raised a seven-figure US dollar initial fundraising round in its goal to become the region’s largest fresh food distributor on 28th Feb 2022. This will enable the agri-supply chain platform to invest further in its tech, grow the team and expand across the country,
FreshSource intends to use the funds to expand geographically within the Egyptian market, invest in their technological platform, expand their workforce in Egypt, and keep an eye on future expansion in the region, according to their plan.
What the founders have to say:
We identified a significant market opportunity and believed that by combining our management, finance, and technology backgrounds with our family’s business experience, we could create a high-growth, influential company that would introduce new sourcing methods to the country.”
– Farah Emara, Co-Founder and CEO
“We are honored to have the support of some of the region’s most powerful investors. Who share our objective of transforming the inefficient Agri supply chain with data and technology. This new investment will enable us to continue to attract great talent and build the team we need to accomplish our purpose and accelerate our growth.” Omar Emara is a writer who lives in the United Arab Emirates; he is also the Co-Founder and Chief Operating Officer.
What the investors have to say:
“We’re ecstatic to be collaborating with Farah and Omar. So far, they’ve demonstrated exceptional market knowledge and execution, and we believe they have the potential to grow a significant business in the years ahead. Pricing, dependability, and quality are all excellent. Freshsource is assisting in delivering a critical service for the agriculture/food business. Quality that is far superior to anything else on the market.” – Peter Orth, Managing Partner, and Co-Founder of 4DX Ventures
About FreshSource:
Farah and Omar Emara, a Cairo-based sibling duo, founded FreshSource in 2019. Since then, they’ve built a strong network of thousands of producers and hundreds of businesses, including restaurants, hotels, online retailers, and traditional retailers, who rely on them for their fresh fruit and vegetable needs. The company is rapidly expanding, and it now has large customers in 11 Egyptian cities. Farah worked at P&G after spending four years immersed in entrepreneurship through Endeavor. Omar studied Computer Science while working at Goldman Sachs in London when they came up with the startup idea. Both recognized an opportunity to use technology and analytics to improve the reasonably conventional sector’s fruit and vegetable procurement experience.
Agriculture is the most critical sector in Egypt’s economy, accounting for 11.3 percent of GDP and 28 percent of all jobs. FreshSource promises to alleviate the problems of inflated prices, food loss, and low earnings for farmers caused by the agriculture supply chain, which is highly inefficient and complicated. FreshSource uses a value chain strategy to improve the food supply chain’s economic and environmental efficiency in Egypt, where food loss has hit an all-time high of over 45 percent due to poor handling and storage procedures.
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