YoLa Fresh, a Casablanca-based agritech startup established in early 2023, has successfully secured a notable $7 million in pre-Series A funding. Led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO, this investment marks a significant milestone for both the company and the Moroccan tech ecosystem. The infusion of capital will fuel YoLa Fresh’s ongoing expansion within Morocco, enhance its technology infrastructure, and potentially pave the way for expansion into other African markets.
Why the Investors Invested
YoLa Fresh’s appeal to investors stems from a combination of factors that position the company as a promising venture:
- Solving a Critical Challenge: The startup addresses the persistent issue of a fragmented agricultural supply chain in emerging markets, which often leaves smallholder farmers and traditional retailers grappling with inefficiencies and low profitability. YoLa Fresh’s innovative solution directly connects these stakeholders, bypassing intermediaries and fostering a more efficient and equitable system.
- Experienced Leadership: Co-founders Youssef Mamou and Larbi Alaoui Belrhiti bring a wealth of experience and expertise to the table. Mamou’s background as general manager of Uber’s Careem and leader of 212Founders, coupled with Alaoui’s success in founding and selling Avito and his tenure as CEO of Jumia Morocco, instills confidence in the company’s leadership and vision.
- Promising Market Opportunity: Morocco’s agricultural sector, a significant contributor to the national GDP, presents a vast and untapped market for YoLa Fresh’s services. The traditional trade sector, in particular, offers a substantial addressable market with the potential for high growth. The company’s model is also scalable to other African nations facing similar supply chain challenges, further expanding its potential reach and impact.
- Delivering Tangible Value: YoLa Fresh’s platform directly benefits both farmers and retailers. By eliminating intermediaries, farmers can secure better prices for their produce and receive faster payments, while retailers enjoy lower costs and access to higher-quality products. This win-win proposition strengthens customer loyalty and supports the company’s sustainable growth.
Al Mada Ventures, based in Casablanca, focuses on growth-stage investments across Africa, while Algebra Ventures in Cairo targets early-stage tech companies in Egypt and the MENA region. Nairobi-based E3 Capital invests in growth companies across Sub-Saharan Africa, and Janngo Capital, headquartered in Abidjan, supports early-stage African startups driving digital transformation and social impact. FMO, the Dutch entrepreneurial development bank, invests in developing countries to promote sustainable economic development.
YoLa Fresh: A Closer Look
- Founded: Early 2023
- Founders: Youssef Mamou (former General Manager of Uber’s Careem) and Larbi Alaoui Belrhiti (founder of Avito, ex-CEO of Jumia Morocco)
- Primary Market: Morocco, with plans for expansion into other African markets.
- Core Focus: Streamlining the fresh produce supply chain by directly connecting smallholder farmers with traditional retailers, eliminating intermediaries, and leveraging technology to enhance efficiency and transparency.
- Key Achievements:
- Partnering with over 1,000 retailers
- Reaching up to $1 million in monthly Gross Merchandise Volume (GMV)
- Securing $7 million in pre-Series A funding
- Expanding operations within Morocco and exploring new African markets.
- Focusing on achieving profitability through optimized unit economics and operational efficiency.