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YoLa Fresh, the Moroccan fresh-produce distributor backed by Al Mada Ventures and Algebra Ventures, has ceased operations after failing to secure further financing.
The closure was confirmed to Médias24 on October 8 by Larbi Alaoui Belrhiti and Youssef Mamou, who launched the Casablanca-based business in 2023 after careers in ecommerce and ride-hailing. Alaoui Belrhiti had led Jumia’s Moroccan operation, while Mamou had held leadership roles at Careem before heading 212 Founders, the Moroccan investment and business support programme.
YolaFresh sought to shorten a supply chain dominated by intermediaries, combining ordering software with sourcing and delivery to connect smallholder farmers with retailers and food-service businesses. Shops could place orders as late as midnight for delivery early the next morning, while farmers were promised easier access to buyers and shorter payment times.
An initial $2 million raised in March 2023 was followed by a $7 million pre-Series A in May 2024, led by Al Mada Ventures with participation from Algebra Ventures, E3 Capital, Janngo Capital and FMO, the Dutch development bank. The funding was intended to expand YoLa Fresh’s logistics network and improve its technology, laying the groundwork for an eventual move into other African markets.
By that stage, the company said it served more than 1,000 retailers, handled up to $1 million in monthly gross merchandise volume and retained 85% of its customers. Turning that early demand into a larger business required investment in the physical movement of perishable goods as well as the software used to coordinate it.
Al Mada also secured a role in the company’s strategic decisions. In November 2024, Morocco’s Competition Council authorised its investment vehicle to acquire joint control of YoLa Fresh’s US parent through a 10.25% equity and voting stake, with control rights set out in the shareholders’ agreement.
The backing ultimately proved insufficient to sustain the business, according to the founders’ account, although they have not disclosed its latest financial position or the terms of any attempted fundraising. They rejected reports that $20 million had been invested, telling Médias24 that the previously announced rounds, totalling $9 million, remained the reference.
Other companies in the region continue to attract funding for efforts to reorganise fresh-produce distribution. Saudi Arabia’s Grove raised $5 million in January for a model coordinating supply from farms to households, serving consumers directly where YoLa Fresh had focused on retailers and food-service operators.
YoLa Fresh’s founders said the company and its shareholders were working with advisers to determine the next steps. They have not specified whether that process will involve an asset sale, restructuring or liquidation.
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