YoLa Fresh raises USD 7 mn in pre-series A funding round

Moroccan-based agritech startup YoLa Fresh has raised USD 7 mn in a pre-series A funding round, according to a statement (pdf) released on Thursday. The round was led by Al Mada Ventures and saw participation from Egypt’s Algebra Ventures, E3 Capital, Janngo Capital, and the Dutch entrepreneurial development bank FMO. The latest successful funding round marks a major milestone in the startup's path to becoming an African unicorn, the statement said.

Where will the raised funds go? YoLa will apply the funds towards expanding its logistics network, onboarding more farmers onto its platform, and doubling down on technology, YoLa Fresh co-CEO Larbi Alaoui Belrhiti said.

What does the platform do? YoLa’s platform connects farmers directly to retailers and food service companies via technology that tracks produce from farm to retail in a bid to cut waste and boost transparency. The initiative looks to boost farmer and retailer income and while incurring less spoilage, the statement said.

About Yola Fresh: Founded in 2022 by Larbi Alaoui Belrhiti (LinkedIn) and Youssef Mamou (LinkedIn), the startup leverages data, AI, machine learning, and predictive models to establish models for demand, supply, pricing, and other variables affecting the highly perishable produce supply chain, according to its website. Yola Fresh is looking to become a leading player in Africa’s agritech sector, bolstering food security and economic growth throughout the continent, the statement added.

Algebra Ventures has been on a roll: The Egypt-based VC invested over 10 mn in ten companies in 2023, while lining up another USD 20 mn for this year. We had coffee with Karim Hussein, managing partner of Algebra Ventures to discuss how the VC has been handling economic headwinds, what it looks for in startups, and what Algebra has planned for the coming period.