A $7 million pre-Series A funding round has been secured by YoLa Fresh, a Moroccan agritech startup that is creating an open and sustainable fresh food supply network. Leading the round was Al Mada Ventures, with participation from FMO, the Dutch entrepreneurial development bank, Algebra Ventures, E3 Capital, and Janngo Capital.
Through its cutting-edge platform, YoLa Fresh links farmers with food service providers and retailers directly. The company ensures transparency and reduces waste by tracking produce from farm to retail using state-of-the-art technology. Higher farmer and retailer profits, less food spoiling, and fresher, more reasonably priced options for customers are all benefits of this creative process.
“We have achieved remarkable traction and demonstrated product-market fit in less than 1 year, reinforcing the effectiveness of our innovative business model, which this funding round recognizes and supports,” said Youssef Mamou, co-CEO of YoLa Fresh. “With this funding, we’ll expand our logistics network, bolster our technology, and empower more farmers to deliver high-quality produce directly to consumers,” said Larbi Alaoui Belrhiti, co-CEO of YoLa Fresh.
“As the agricultural sector continues its transition to digital supply chain technologies, we believe that Yola Fresh is well placed to offer real added value to its customers, while having a positive impact on the entire ecosystem. We are delighted to support the company’s commercialization strategy and expansion,” added Omar Laalej, Managing Director at Al Mada Ventures.
YoLa Fresh is run by seasoned businesspeople Youssef Mamou and Larbi Alaoui Belrhiti, who have extensive experience conducting large-scale operations in the area. As the head of 212Founders, a well-known venture capital firm in Morocco, and Careem, the top ride-hailing platform in North Africa, Youssef brings a wealth of experience to the table. Larbi’s vast leadership experience at Jumia, a leading African e-commerce player, provides YoLa Fresh with an unmatched advantage in negotiating the peculiarities of the African market.
Globally successful fresh produce marketplace models serve as an inspiration for YoLa Fresh. Businesses that have shown the potential of this model and drawn sizeable investment from elite VCs include Waycool in India, Frubana in Latin America, and Meicai in China.
Tarek Assaad, Managing Partner at Algebra Ventures, said: “We are excited to back Youssef and Larbi, both world-class entrepreneurs who have the skill and passion needed to tackle this large and untapped market opportunity in Morocco. YoLa’s combination of technology and operational capabilities will enable it to create significant efficiencies across the entire farm-to-retail supply chain. The agritech sector is a major contributor to economic growth and employment in our region and stands to gain significantly from tech solutions. YoLa Fresh is uniquely positioned to become a leader in that transformation in Morocco and beyond. As a relative newcomer to the Moroccan VC space, we are excited about the upside potential of the market and look forward to continuing to support Moroccan tech startups.”
YoLa Fresh has bigger plans than just Morocco. By addressing issues related to food security and promoting economic growth throughout the continent, they hope to take the lead in Africa’s agritech revolution. A major step toward becoming an African unicorn has been taken with the infusion of $7 million in funding.
