Egyptian startup FreshSource, which says it is reinventing the agricultural supply chain, has closed a seven-figure US dollar seed funding round as it bids to become the largest fresh food distributor in the MENA region.
Launched in 2019 by siblings Farah and Omar Emara, FreshSource is a B2B agri-supply chain platform that leverages technology to change the way fresh goods are sourced, moved and sold. The startup partners with a range of producers, such as farms, and supplies businesses such as restaurants, hotels and online retailers with fresh fruit and vegetables.
The company is scaling at a rapid pace, and now serves major customers across 11 Egyptian cities. The pace of its expansion will now quicken after it secured a seven-figure US dollar seed investment from 4DX Ventures and Wamda. FreshSource will use the funding for further geographical expansion within the Egyptian market, as well as improving its technology platform and growing its team. It also has an eye on expansion within the MENA region.
“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,” said Omar Emara.
“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 and food industry, and FreshSource is helping to deliver a service quality well ahead of anything else in the market,” said Peter Orth, co-founder and managing partner at 4DX Ventures.