{"id":550544,"date":"2022-04-05T13:18:59","date_gmt":"2022-04-05T13:18:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/meet-our-founder-of-the-week-mozare3s-hussein-abo-bakr\/"},"modified":"2022-04-05T13:18:59","modified_gmt":"2022-04-05T13:18:59","slug":"meet-our-founder-of-the-week-mozare3s-hussein-abo-bakr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/meet-our-founder-of-the-week-mozare3s-hussein-abo-bakr\/","title":{"rendered":"Meet our founder of the week: Mozare3\u2019s Hussein Abo Bakr"},"content":{"rendered":"

<\/a> OUR FOUNDER OF THE WEEK-<\/strong> Hussein Abo Bakr, founder and CEO of Mozare3 (LinkedIn<\/a>).<\/p>\n

My name is Hussein Abo Bakr, and I\u2019m the co-founder and CEO of Mozare3.<\/strong> I studied international marketing as an undergraduate and went on to get my MBA specializing in operations management, both at AUC. I started working in my family\u2019s business, Fridal<\/a>, as an undergrad, scheduling classes so I could split my time between both worlds. In 2008, I founded my first startup, Fridal Wahat Herbs Farm, which was the first farm in Egypt to fully utilize solar-powered irrigation, and is currently the country\u2019s top exporter of herbs.<\/p>\n

Mozare3, launched in 2021, is Egypt\u2019s first agri-fintech platform.<\/strong> We offer direct contract farming between corporations and Egyptian farmers, including digital invoices and deliveries. We also offer embedded finance, providing farmers with pesticides and fertilizers instead of money. Finally, we provide agronomy support teaching farmers how to produce high quality crops, through our app and contact center, and with visits to farms by our agricultural engineers. We plan to also offer non-agri assets \u2014 from cows to refrigerators \u2014 to those farmers who prove credible enough to expand.<\/p>\n

We currently operate in 10 governorates, and our goal is to expand to five more by the end of the year.<\/strong> By 2023, we expect to be operating across the entire country. We serve around 3k farmers, and hope to grow that fourfold by the end of the year, and to reach 100k farmers in 2023. We\u2019re also looking to grow our corporate client base from seven to 25 this year, and then to 100 by the end of next year. We aim to cross EGP 1 bn in revenues by the end of 2023.<\/p>\n

We plan to continue operating in Egypt exclusively for the next two years, given the huge demands in the local market. <\/strong>The next step for us would be to expand into Morocco and Sudan.<\/p>\n

We\u2019re finalizing our series A funding round and expect to close in the very near future.<\/strong> Mozare3 raised USD 1.1 mn in our pre-seed round<\/a>, and an additional USD 2 mn in a second round of financing. Our company\u2019s three institutional investors are Algebra Ventures, EFG EV<\/a>, and Disruptech Ventures<\/a>, and we have six angel investors backing us as well.<\/p>\n

My co-founders and I each brought something to the table when we decided to launch <\/strong>Mozare3<\/a><\/strong>. <\/strong>I know the agribusiness market and have experience with farmers. Tamer El-Raghy<\/strong>, who handles fundraising at Mozare3, (LinkedIn<\/a>) has a wealth of knowledge on all things agtech, and is managing director of Acumen Resilient Agriculture Fund<\/a>. Mohamed Okasha<\/strong> (LinkedIn<\/a>), who is responsible for building our fintech products at Mozare3, is the managing partner at Disruptech Ventures<\/a> and has immense experience in management, and great insights on who to connect with in the industry.<\/p>\n

The most important KPIs I focus on are <\/strong>contracts signed with customers, successful deliveries from farmers to clients, the percentage of produce that passes quality standards, gross margin per contract, and the satisfaction level of both farmers and corporate clients.<\/p>\n

I believe in the value investors can bring to the table from day one. <\/strong>My first two startups started off as bootstrapped businesses. For my second, Plantform Agribusiness<\/a>, I got private equity firm Tanmeya Capital Ventures<\/a> on board a year after I started. This made me realize how vital it is to have investors on your side.<\/p>\n

Mozare3 is not a typical startup, in that we had investors, customers, farmers, revenues, and an operational team from the get-go. <\/strong>Because we had the right connections, a business model predetermined years in advance, and enough investment, we hit the ground running. A few years ago, the market wasn\u2019t ready for an agri-fintech company. When the fintech market matured in Egypt, we felt that the agtech \/ agri-fintech market became ripe for growth and it was the right time to launch.<\/p>\n

I don\u2019t think I had to make sacrifices to focus on my journey as a startup founder; I would prefer to say that I had to pick my priorities.<\/strong> I had to shift my career to focus on my new ventures, and allocate my personal wealth and time to them. Of course, I did have to give up a lot of family time to focus on my startups.<\/p>\n

The best part of my job is seeing the impact we\u2019re having on people<\/strong>, from farmers to industry workers and agricultural engineers. I also love the fact that our team members join Mozare3 because they believe in the work we\u2019re doing. It\u2019s always reassuring to see the team as enthused as I am about Mozare3\u2019s tremendous social impact.<\/p>\n

The worst part of the job is managing expectations. <\/strong>Because Mozare3 is a market leader when it comes to agtech, stakeholders, the team, and the public in general sometimes have unrealistic expectations. They want us to solve problems that have been around for hundreds of years and often forget that we\u2019re still a small startup [laughs]. Yes, we have potential, but we still need help.<\/p>\n

I know a lot of entrepreneurs say that the founder\u2019s journey is a lonely one, but I don\u2019t quite agree. <\/strong>If you\u2019re feeling alone, that may be because you\u2019re not integrating the right people in your journey. Your co-founders, investors, and even your family can always help share your burden. I can understand feeling like you\u2019re the most invested person in the success of the business. That\u2019s normal \u2014 as a founder, you stand to gain the most from the prosperity of the business, so don\u2019t expect anyone else to be as invested as you are.<\/p>\n

It\u2019s hard for me to pick an exit strategy for Mozare3 because of the company\u2019s unique potential to boost Egyptian agricultural exports.<\/strong> Ideally, in the long term, I have a dream to democratize ownership of the company\u2019s shares, enabling farmers and all the vested stakeholders to own a piece of Mozare3. I think a cooperative structure would ensure Mozare3\u2019s longevity. Another great alternative would be a hybrid model that fuses a traditional IPO structure with that of a cooperative.<\/p>\n

Startups that I think are really impactful and doing amazing work are solar player <\/strong>SolarizEgypt<\/a><\/strong>, trucking startup <\/strong>Naqla<\/a><\/strong> and B2B logistics firm <\/strong>Khazenly<\/a><\/strong>.<\/strong> We\u2019re hoping to work with all three at Mozare3.<\/p>\n","protected":false},"excerpt":{"rendered":"

OUR FOUNDER OF THE WEEK- Hussein Abo Bakr, founder and CEO of Mozare3 (LinkedIn). My name is Hussein Abo Bakr, and I\u2019m the co-founder and CEO of Mozare3. I studied international marketing as an undergraduate and went on to get my MBA specializing in operations management, both at AUC. I started working in my family\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":550545,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7357],"tags":[633,1530,1813,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-founder-of-the-week","tag-enterprisepm","tag-founder-of-the-week","tag-mozare3","tag-startups","wpautop","entry"],"acf":{"mongo_id":"93a7bd00-ec88-46d1-b4fd-4ef4d2bb3155","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/440.jpg","photo_position":"above","related_issue":[550534],"teaser":"","voice_url":""},"yoast_head":"\nMeet our founder of the week: Mozare3\u2019s Hussein Abo Bakr - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/meet-our-founder-of-the-week-mozare3s-hussein-abo-bakr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet our founder of the week: Mozare3\u2019s Hussein Abo Bakr\" \/>\n<meta property=\"og:description\" content=\"OUR FOUNDER OF THE WEEK- Hussein Abo Bakr, founder and CEO of Mozare3 (LinkedIn). 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The statement made no mention of how the company plans to deploy the funds. Mozare3 provides \u201cinnovative financial products, markets, and agronomy support\u201d to\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/217.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/","url_meta":{"origin":550544,"position":1},"title":"Paymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"Paymob enters the UAE: Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf) yesterday. The company is looking to make a \u201csizable investment\u201d in the UAE market over the next three years, the release reads.New hub, new management:\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/01\/six-egyptian-startups-eye-raising-a-combined-usd-250-mn-next-year\/","url_meta":{"origin":550544,"position":2},"title":"Six Egyptian startups eye raising a combined USD 250 mn next year","author":"enterpriseam admin","date":"1 December 2021","format":false,"excerpt":"You think it\u2019s been a crazy-hot year for startups raising funds in 2021? Just wait until next year\u2026 Six Egyptian startups \u2014 Trella, Bosta, Mozare3, Brimore, Teegara, and Koinz \u2014 are looking to raise a combined USD 250 mn in 2022, Bloomberg Asharq reports. It\u2019s unclear how much each company\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579594,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/meet-our-founder-of-the-week-hussein-hosny-co-founder-and-ceo-of-carzami\/","url_meta":{"origin":550544,"position":3},"title":"Meet our founder of the week: Hussein Hosny, co-founder and CEO of Carzami","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt\u2019s startup community got their big break, finds out about their experiences running a business, and asks for their advice for budding entrepreneurs. Speaking to us this week is Hussein Hosny (LinkedIn),\u2026","rel":"","context":"In "Founder of the Week"","block_context":{"text":"Founder of the Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/founder-of-the-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/611.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557589,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/my-morning-routine-hussein-momtaz-co-founder-and-ceo-of-koinz\/","url_meta":{"origin":550544,"position":4},"title":"My Morning Routine: Hussein Momtaz, co-founder and CEO of Koinz","author":"enterpriseam admin","date":"23 September 2021","format":false,"excerpt":"Hussein Momtaz, co-founder and CEO of Koinz: Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Hussein Momtaz, co-founder and CEO of\u2026","rel":"","context":"In "My Morning Routine"","block_context":{"text":"My Morning Routine","link":"https:\/\/enterpriseam.com\/egypt\/my-morning-routine\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/337.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551490,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/meet-our-founder-of-the-week-luckys-ayman-essawy\/","url_meta":{"origin":550544,"position":5},"title":"Meet our founder of the week: Lucky\u2019s Ayman Essawy","author":"enterpriseam admin","date":"21 June 2022","format":false,"excerpt":"OUR FOUNDER OF THE WEEK- Ayman Essawy, co-founder and managing director of Lucky (LinkedIn).My name is Ayman Essawy, and I\u2019m the co-founder and managing director of Lucky. I\u2019m a second-time founder. Before founding Lucky, my co-founders and I founded Dsquares in 2012. Dsquares is the leading loyalty services provider in\u2026","rel":"","context":"In "Founder of the Week"","block_context":{"text":"Founder of the Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/founder-of-the-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550544"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550544\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/550534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550545"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550544"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550544"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}