Cairo-based FreshSource raises seed funding from HIMangel for its B2B food supply platform
Summary
Twiga, a Kenyan startup with a similar model was in spotlight last year after raising $10.3 million Series A that was led by Dubai-based Wamda Capital. They have managed to raise another $7 million two months ago in Series B led by International Finance Corporation. For now, the startup is relying on their internal database and some tools to get the job done but plans to build and launch their own online platform now that they’ve raised enough capital. Farah Emara, the founder & CEO, speaking to MENAbytes, about the platform, 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.