With the investment, YoLa Fresh aims to enhance the efficiency and sustainability of agricultural operations by leveraging advanced technology.

Leading the funding round was Al Mada Ventures, supported by other investors including Algebra Ventures, E3 Capital, Janngo Capital, and the Dutch Entrepreneurial Development Bank (FMO). These investors recognize the huge prospects of YoLa Fresh to address growing challenges in the agricultural sector.

Co-founded by Larbi Alaoui Belghiti and Youssef Mamou, YoLa Fresh directly connects smallholder farmers with traditional retailers of fruits and vegetables. Through the elimination of intermediaries, the platform enables retailers to purchase produce at lower costs while ensuring farmers receive higher profits quickly. 

This direct connection also helps synchronize supply and demand, reducing food waste and improving overall efficiency.

YoLa Fresh’s platform employs data analytics, machine learning, and AI to create predictive algorithms for demand and supply, pricing dynamics, and other variables in the highly perishable produce supply chain. The technology simplifies the supply chain and also offers visibility into harvests and access to financing for farmers.

Larbi Alaoui Belghiti, with a background in leading tech ventures such as Jumia Express Logistics and Avito.ma, brings a wealth of experience to YoLa Fresh. Youssef Mamou, former CEO of Careem North Africa and managing partner at 212 Founders, complements this with his expertise in tech-driven business solutions.

Within its first year, YoLa Fresh has established partnerships with over 1,000 retailers in Morocco and achieved a monthly gross merchandise volume (GMV) of up to $1 million. The company’s rapid growth and the proven effectiveness of its solutions have drawn investor interest.

The investment will be used to expand YoLa Fresh’s operations within Morocco and into other African markets. The company focuses on ensuring high-quality produce, reducing wastage, and providing financing opportunities for farmers. 

Its cash offering on delivery and working closely with farmers enables YoLa Fresh to capture more market share and improve unit economics.

YoLa Fresh also plans to leverage this funding to enhance its technology, expand its customer base, and prepare for broader market penetration. The startup projects an annualized top line of $40 million to $50 million by 2026, with plans to expand into sub-Saharan Africa, where competition includes companies like Vendease and Complete Farmer.

Omar Laalej, managing director at Al Mada Ventures, is confident in YoLa Fresh’s ability to deliver huge benefits to its customers in Morocco and across Africa. 

Tarek Assaad, managing partner at Algebra Ventures, noted the positive impact of tech solutions in the agricultural sector and YoLa Fresh’s unique position to lead this change.

The post YoLa Fresh Secures $7 Million to Drive Sustainability in Africa’s Fresh Produce Supply Chain appeared first on Tech | Business | Economy.

The country continues to face the escalating energy shortages and the imminent threat of a nationwide grid collapse. Hence, innovative solutions are being put forward by companies like Hohm Energy to address the pressing challenges caused by the country’s worsening energy crisis. 

With increasingly severe power shortages surpassing 6,000 megawatts, the dire need for sustainable energy alternatives has led to the demand for innovative cleantech solutions. 

The three-year-old startup is focused on bolstering the renewable energy sector, connecting homeowners and businesses with accredited solar installers, product suppliers, and embedded solar finance solutions.

Led by E3 Capital and 4DX Ventures, the $8 million funding round is the largest seed investment secured by a tech startup in South Africa, pointing to Hohm Energy’s essence in driving change within the country’s energy sector. 

With participation from well-known investors including Breega, E4E Africa, and Climate Capital Ventures, the funding will facilitate Hohm Energy’s innovative solar solutions to thrive further.

Founded in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy’s platform leverages a software and marketplace model designed to simplify the adoption of solar energy solutions. 

With a focus on enhancing accessibility and affordability, the energy startup empowers over 7 million households connected to South Africa’s national grid to transition to sustainable and renewable energy sources.

Speaking on the significance of the investment, CEO Tim Ohlsen emphasized the startup’s goal of helping homeowners to embrace clean, renewable energy solutions despite the complications involved in the solar industry. 

Through its innovative “Home Ranger” feature, Hohm Energy ensures careful oversight and compliance throughout the solar installation process, guaranteeing quality and technical integrity for every project undertaken.

Hohm Energy’s platform offers a seamless experience for both homeowners and solar installers, facilitating customized solar designs, access to financing options, and comprehensive post-sales services. 

In forging strategic partnerships with leading retail financial institutions including Investec, Nedbank, and Capitec, Hohm Energy has led structured financing options, unlocking new avenues for homeowners to embrace solar energy solutions.

Recognizing the scalability of its model beyond South Africa’s borders, Hohm Energy remains focused on deepening its presence in the country despite persistent power disruptions. 

With a focus on maintaining its climate fintech strategy, enhancing technological capabilities, and empowering local solar installers, Hohm Energy is ensuring South Africa’s green energy becomes sustainable.

The post SA Cleantech Startup Hohm Energy Secures $8 Million Seed Funding appeared first on Tech | Business | Economy.

The fund, which will be invested in early-stage companies, targets next-generation low-carbon entrepreneurs in Africa, scaling new technologies and business models enabled by the low carbon economy. It also holds significant capital for follow-on in later rounds. 

Having reached its first close at $48.1 million, the VCs target a second and final close of up to $100 million within 12 months.

E3 Capital and Lion’s Head combined forces to leverage their respective experience and footprint in Africa. E3 Capital also currently manages a €75 million fund (EAVF I) investing in decentralized energy businesses across Africa, with 15 investments in East-, West- and Southern Africa. 

Lion’s Head is an established emerging and frontier market focused asset manager with over $700 million under management and through a separate subsidiary provides corporate finance advisory services to governments, multilaterals, and private companies. 

Together, E3 and Lion’s Head have invested in more than $400 million in 30 African countries. E3LCEF is a Luxembourg domiciled fund for which Lion’s Head acts as AIFM and E3 Capital as Fund Adviser.

Recognising the importance of local knowledge in addition to international best practices, the investment team is based in Nairobi. The two parties are excited to leverage their deep experiences to contribute to the transition to a low carbon economy in Africa.

The fund is backed by KfW (in collaboration with BMZ, the German Ministry for Economic Cooperation and Development), FMO, the Dutch entrepreneurial development bank, Swedfund International AB (the Swedish development finance institution), and PROPARCO, with a final close targeting investors that share the belief in the innovative potential of vibrant African entrepreneurs and a commitment to an equitable and resilient global economy.

“We feel this is a great time to back low-carbon businesses in Africa which are starting to see potential for substantial scale. The E3 team brings unique expertise working with early-stage companies across the continent and have demonstrated this ability with their existing portfolio which is starting to show signs of clear winners,” said Clemens Calice, Lion’s Head CEO. “We are excited to back a new generation of entrepreneurs.”

“African businesses are starting to emerge with clear product market fit and a strong commercial potential at the core within the low carbon economy. The quality of entrepreneurs we are seeing is striking. We are passionate about helping African entrepreneurs build the next generation of innovative businesses that innovate, scale and impact the lives of all of us in the coming years,”  Paras Patel, Founder and Managing Partner of E3 Capital, stated.

“My partner, Vladmir Dugin, and I are grateful for the support we have received from our investors and look forward to engaging with many existing and new entrepreneurs in the coming months.”

Stephanie Lindemann-Kohrs, Director of the Equity Finance Department at KfW Development Bank, emphasized, “With its investment in the E3 Low Carbon Economy Fund I, KfW is investing as an anchor investor in the first fund of the newly formed E3 Capital team. We are pleased to have the E3 Management team together with Lions Head as very experienced partners with a long positive track record to drive the implementation of the funds’ investment strategy. We are convinced that the investments of the Fund will make a significant contribution towards climate neutrality and climate justice in Africa”.

Linde Lassche, Investment Officer at FMO mentioned, “We are pleased to contribute to the next phase of the energy transition through anchoring the E3 Fund. The E3 team has a knowledge team on the ground with great networks across Africa. They have illustrated the capability to find talented entrepreneurs, either in new sector segments (one of the earliest investors in PAYGO solar and C&I in Africa) and/or in fragile states (Mali, Burkina Faso, Chad). Hence, they have been instrumental for innovation in the energy sector in Africa. Additionally, through three co-investments the E3 team has also proven to be a very good partner for FMO to execute on our direct VC strategy. We are excited to continue on this journey with them.”

“Proparco is proud to support E3 LCEF, one of the very few pioneer investors in the early stage energy access and climate space in Africa. Through the FISEA mandate held by AFD, Proparco is a strong supporter of young African businesses that bring innovative solutions, amongst which in the low carbon space.” Natascha Korvinus, Sr. Investment Officer PROPARCO.

“Our commitment to the fund is driven by Swedfund’s focus on providing financing to companies that are active in high-impact sectors in the low carbon economy, such as renewable energy. Digitalization is another core focus for us, given the strong link with job creation and growth, and the intersection of digitalization and the low carbon transition in developing countries is of particular interest”, says Gunilla Nilsson, Investment Director Energy & Climate at Swedfund.

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