Morocco’s Royal family backs startup in $7-million pre-Series-A round

Oluwatosin Racheal Alabi -

Key points:

  • YoLa Fresh, a Moroccan agritech startup owned by Youssef Mamou and Larbi Alaoui Belrhiti, secured a $7-million pre-Series-A funding round.
  • YoLa Fresh’s innovative platform directly connects farmers with retailers and food service companies.
  • Youssef Mamou’s leadership roles at Careem and as head of 212Founders, along with Larbi Alaoui Belrhiti’s experience at Jumia, give YoLa Fresh a competitive edge in Africa’s market.

YoLa Fresh, a Moroccan agritech startup owned by Youssef Mamou and Larbi Alaoui Belrhiti, on May 30, 2024, secured a $7-million pre-Series-A funding round. The funding was led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO (the Dutch entrepreneurial development bank).

YoLa Fresh’s innovative platform connects farmers with retailers and food service companies. The company tracks produce from farm to retail, and by leveraging cutting-edge technology, they ensure transparency and minimizing waste. This process benefits farmers and retailers alike, resulting in higher incomes, reduced food spoilage, and fresher, more affordable options for consumers

“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.

“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,” added Omar Laalej, Managing Director at Al Mada Ventures.

Youssef’s leadership roles at Careem and as head of 212Founders, coupled with Larbi’s experience at Jumia, give YoLa Fresh a competitive advantage in Africa’s market. They draw inspiration from successful models like Meicai, Frubana, and Waycool, YoLa Fresh is assured for success in the fresh produce marketplace.

“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.” Tarek Assaad, Managing Partner at Algebra Ventures said.

YoLa Fresh isn’t just focused on Morocco; they aim to be a major player in Africa’s agritech scene, solving food security issues and boosting economies across the continent. This $7-million funding is a big step toward their goal of becoming a unicorn in African startups.