YoLa Fresh, a Casablanca-based agritech startup, has raised $7 million in pre-Series A funding to optimize the fresh produce supply chain in Africa.
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.
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