In a significant milestone for the African agritech industry, Moroccan startup YoLa Fresh has announced a $7 million pre-Series A funding round. This investment, led by Al Mada Ventures and backed by Algebra Ventures, E3 Capital, Janngo Capital, and FMO, is set to propel YoLa Fresh’s mission of building a transparent and sustainable fresh food supply network across the continent.
Bridging the Gap Between Farmers and Retailers
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. This innovative approach aims to revolutionize the agricultural supply chain in Africa, making it more sustainable and efficient.
Experienced Leadership Driving Growth
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. Their leadership and vision are crucial in driving the company’s mission forward.
Expanding Logistics and Enhancing Technology
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.
Investor Confidence and Support
“We have achieved remarkable traction and demonstrated product-market fit in less than one 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,” added 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,” said Omar Laalej, Managing Director at Al Mada Ventures.
Market Potential and Future Growth
Tarek Assaad, Managing Partner at Algebra Ventures, expressed his excitement about backing Youssef and Larbi, calling them “world-class entrepreneurs who have the skill and passion needed to tackle this large and untapped market opportunity in Morocco.” He emphasized YoLa Fresh’s combination of technology and operational capabilities, which will 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,” Assaad added.
Commitment to Economic Growth and Food Security
YoLa Fresh’s mission goes beyond business growth; it aims to address critical food security challenges and foster economic growth across Africa. This funding round is not just an investment in a company, but an investment in the future of African agritech, promising to bring sustainable and efficient solutions to the continent’s agricultural sector.