What’s this about?
- Morocco’s YoLa Fresh secures a $7 million pre-Series A funding round from prominent investors, enabling the expansion of its innovative farm-to-retail platform connecting farmers directly with retailers and food service companies.
- Co-founders Youssef Mamou and Larbi Alaoui Belrhiti aim to leverage the funding to enhance YoLa Fresh’s logistics network, bolster technology, and empower more farmers to deliver high-quality produce directly to consumers.
- With experienced leadership and inspiration from successful global fresh produce marketplace models, YoLa Fresh sets its sights on becoming a leader in Africa’s agritech revolution, addressing food security challenges and fostering economic growth continent-wide.
Zoom in…
Morocco-based agritech YoLa Fresh has secured a $7 million pre-Series A funding round, led by Al Mada Ventures with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO, the Dutch entrepreneurial development Bank.
Founded in 2023 by Youssef Mamou and Larbi Alaoui Belrhiti, YoLa Fresh’s platform connects farmers directly with retailers and food service companies, leading to higher farmer and retailer incomes, reduced food spoilage, and fresher, more affordable options for consumers. This innovative process translates into higher farmer and retailer incomes, reduced food spoilage, and fresher, more affordable options for consumers.
The seasoned Co-founders are entrepreneurs 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 212 Founders, 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.
The Big picture
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.
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.
What they are saying…
“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.
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.”
Source: techmoran.com
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