In a significant milestone for the African agritech industry, Moroccan startup YoLa Fresh has announced a $7 million pre-Series A funding round. Led by Al Mada Ventures and backed by Algebra Ventures, E3 Capital, Janngo Capital, and FMO, this investment will propel YoLa Fresh’s mission to build a transparent and sustainable fresh food supply network across the continent.
YoLa Fresh’s cutting-edge platform bridges the gap between farmers and retailers, ensuring a seamless and efficient supply chain. By leveraging technology to track produce from farm to retail, YoLa Fresh minimizes waste, increases farmer and retailer incomes, and provides consumers with fresher and more affordable options.
Co-CEOs Youssef Mamou and Larbi Alaoui Belrhiti bring extensive experience in scaling businesses in the region. Drawing inspiration from successful fresh produce marketplace models globally, YoLa Fresh is poised to replicate this success in Africa.
With this funding, YoLa Fresh aims to expand its logistics network, enhance its technology, and empower more farmers to deliver high-quality produce directly to consumers. As a leader in Africa’s agritech revolution, YoLa Fresh is committed to tackling food security challenges and fostering economic growth across the continent. This investment marks a significant step towards achieving its vision of becoming an African unicorn.
“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.
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.”
