YoLa Fresh, a pioneering Moroccan start-up in the Agritech sector, has successfully raised $7 million in a pre-Series A funding round. This substantial investment was led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and the Dutch entrepreneurial development bank, FMO.
Revolutionizing fresh produce supply chains
YoLa Fresh aims to modernize Africa’s fresh produce supply chain by directly connecting farmers with distributors and restaurants. Utilizing advanced technologies, the company ensures total traceability and reduces waste by monitoring the transportation of fresh products from farms to merchants. This innovative model increases revenue for farmers and merchants while offering consumers fresher products at lower prices.
“In less than a year, we’ve achieved significant traction and demonstrated strong product-market fit. This validates the effectiveness of our innovative business model, which this funding recognizes and supports,” stated Youssef Mamou, co-CEO of YoLa Fresh. “With these funds, we plan to expand our logistics network, strengthen our technological platform, and support more farmers in directly marketing their products,” added Larbi Alaoui Belrhiti, co-CEO of YoLa Fresh.
A strong backing from investors
Omar Laalej, Managing Director of Al Mada Ventures, expressed confidence in YoLa Fresh: “As the agricultural sector transitions to digital supply chain technologies, we believe YoLa Fresh is well-positioned to deliver real value to its customers while positively impacting the entire ecosystem. We are excited to support the company’s commercialization strategy and expansion.”
YoLa Fresh is led by seasoned entrepreneurs Larbi Alaoui Belrhiti and Youssef Mamou. Youssef brings valuable experience from his leadership roles at Careem, a leading ride-hailing company in North Africa and the Middle East, and 212Founders, a prominent Moroccan investment fund. Larbi’s extensive background includes leading Jumia, a major African e-commerce player, and founding Avito, which provides YoLa Fresh with unparalleled insight into the unique dynamics of the African market.
Inspired by global success stories
YoLa Fresh draws inspiration from successful international fresh produce distribution startups. Unicorns like Meicai in China, Frubana in Latin America, and Waycool in India have shown the potential of this model, attracting significant investments from prestigious venture capital funds.
Vision for continental leadership
YoLa Fresh’s vision extends beyond Moroccan borders. The company aims to become a leader in the agritech revolution across Africa, tackling food security issues and stimulating economic growth continent-wide. This $7 million funding is a significant step towards its goal of becoming an African unicorn.
Endorsements from investors
Tarek Assaad, Managing Partner at Algebra Ventures, shared his enthusiasm: “We are thrilled to support two top-tier entrepreneurs, Youssef and Larbi, who have the skills and passion to seize this vast, untapped market opportunity in Morocco. YoLa Fresh’s combination of technology and operational capabilities will create significant efficiencies throughout the supply chain, from farm to retail.”
Vladimir Dugin, Senior Partner at E3 Capital, commented: “Our investment marks our first foray into North Africa, with a commitment to a low-carbon economy. Inefficient supply chains and food waste in agriculture are major contributors to greenhouse gas emissions in Africa. YoLa Fresh, with its data-driven approach, directly addresses these challenges.”
Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, emphasized: “We are proud to support YoLa Fresh as its founders transform supply chains in agriculture, food, and retail in Morocco. More importantly, they unlock growth potential for producers and suppliers on a large scale through cutting-edge technological solutions. With agriculture representing 38% of total employment in Morocco, our investment underscores our commitment to job creation, especially in underserved regions.”
Marieke Roestenberg, VC at FMO, added: “We look forward to supporting YoLa Fresh’s expansion beyond Moroccan borders, focusing on reducing food waste and improving conditions for smallholders and retailers.”
