YoLa Fresh, an African agritech startup delivering fresh produce through a transparent supply chain, today announced a pre-Series A round of $7 million to scale up its operations.
YoLa Fresh was created by Larbi Alaoui Belrhiti and Youssef Mamou, where the company has been provided with a way of linking farmers to individuals and companies that purchase their produce directly from them.
Applying advanced technology, the company follows the fresh produce from the farm to the retail level, while keeping the process as clear as can be and reducing the levels of food wastage to the minimum.
Pre-series A funding of US$7 million in the startup was provided by Al Mada Ventures with other investors such as Algebra Ventures, E3 Capital, Janngo Capital, and FMO, the Dutch entrepreneurial development bank.
Currently, the Moroccan startup YoLa Fresh is planning to grow to reach the level of a key player in the framing of the agritech market in Africa and respond to various issues that affect food security in this region and the promotion of economic development.
“We have achieved remarkable traction and demonstrated product-market fit in less than one year, reinforcing the effectiveness of our innovative business model, which this funding round recognises and supports,” Youssef Mamou, co-CEO of YoLa Fresh said.
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Larbi Alaoui Belrhiti, co-CEO of YoLa Fresh, expressed that the funding would foster the expansion of the companies’ logistics network, bolster its technology, and empower more farmers to deliver high-quality produce directly to consumers.
“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,” remarked Omar Laalej, managing director at Al Mada Ventures.
