YoLa Fresh, a pre-Series A fundraising round of $7 million has been secured by the Moroccan agritech business, which is constructing a transparent and sustainable fresh food supply network. Al Mada Ventures led the round, while other participants included Janngo Capital, E3 Capital, Algebra Ventures and FMO, the Dutch bank for entrepreneurial development.
Farmers can communicate directly with retailers and food service providers using YoLa Fresh’s innovative platform. The company follows produce from farm to retail using state-of-the-art technology, ensuring transparency and reducing waste. The novel method results in more revenue for farmers and retailers, decreased food waste and fresher, more reasonably priced products for customers.
Larbi Alaoui Belrhiti and Youssef Mamou, two seasoned businesspeople with extensive experience working at scale in the area, are the leaders of YoLa Fresh. Youssef’s leadership positions at Careem, the top ride-hailing platform in North Africa and as CEO of 212Founders, a well-known venture financing firm in Morocco, have given him considerable knowledge. YoLa Fresh has an unmatched advantage in negotiating the distinct market dynamics of Africa due to Larbi’s vast leadership experience at Jumia, a leading African e-commerce operator.
YoLa Fresh takes cues from globally successful fresh produce business concepts. Top-tier VCs have made major investments in companies that have proven the potential of the strategy, such as Meicai in China, Frubana in Latin America and Waycool in India.
The goal is to take the lead in Africa’s agritech revolution by addressing issues related to food security and promoting economic expansion throughout the continent. On the path to becoming an African unicorn, the $7 million in funding represents a critical turning point.
