YoLa Fresh Closes $7 Million Funding Round to Drive Agritech Revolution in Africa

YoLa Fresh Closes $7 Million Funding Round to Drive Agritech Revolution in Africa

By Press Release, 31 May 2024

YoLa Fresh, a Moroccan agritech startup building a transparent and sustainable fresh food supply network, today announced it has secured a $7 million pre-Series A funding round. The round was led by Al Mada Ventures with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO, the Dutch entrepreneurial development Bank.

YoLa Fresh's innovative platform connects farmers directly with retailers and food service companies. Utilizing cutting-edge technology, the company tracks produce from farm to retail, ensuring transparency and minimizing waste. This innovative process translates into higher farmer and retailer incomes, reduced food spoilage, and fresher, more affordable options for consumers.

“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 led by seasoned entrepreneurs Larbi Alaoui Belrhiti and Youssef Mamou, who possess deep experience operating at scale in the region. Youssef brings invaluable experience from his leadership roles at Careem, the leading ride-hailing platform in North Africa, and as head of 212Founders, a prominent Moroccan venture capital investor. Larbi's extensive leadership experience at Jumia, a top African e-commerce player, gives YoLa Fresh an unparalleled edge in navigating Africa's unique market dynamics.

YoLa Fresh draws inspiration from successful fresh produce marketplace models around the globe. Companies like Meicai in China, Frubana in Latin America, and Waycool in India have demonstrated the potential of this model, attracting significant investment from top-tier VCs.

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's vision extends beyond Morocco. They aim to become a leading player in Africa's agritech revolution, tackling food security challenges and fostering economic growth across the continent. This $7 million in funding marks a significant milestone on their journey to becoming an African unicorn.


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