The round was led by Janngo Capital, with participation from a distinguished group of investors, including French soccer players Aurélien Tchouaméni and Jules Koundé, founders of Expensya Karim Jouni and Jihad Othmani, and investment firms SouthBridge Investments and Ciwara Capital.

LAfricaMobile plans to leverage the funds to propel its growth across Central Africa and further enhance its product offerings.

A key focus will be the integration of artificial intelligence (AI) to deliver greater value to its clients and partners.

Founded in 2014 by Malick Diouf, LAfricaMobile empowers businesses to execute large-scale communication campaigns across Africa through its innovative platform.

The platform utilizes a range of mobile technologies including SMS, USSD, Voice, WhatsApp, Airtime, and Text-to-Speech.

With a team of nearly 30 professionals boasting diverse cultural backgrounds, LAfricaMobile has facilitated almost 100 million transactions, connecting over 15 countries and collaborating with 60 operators.

This investment underscores LAfricaMobile’s position as a frontrunner in Africa’s cloud communication and mobile marketing landscape.

The company’s strategic use of the funds positions it for continued expansion and the development of cutting-edge AI-powered solutions to empower businesses across the continent.

The round was led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and the Dutch Entrepreneurial Development Bank (FMO).

YoLa Fresh aims to streamline Morocco’s agricultural supply chain by eliminating middlemen.

Their platform connects farmers with retailers and food service providers, allowing for better synchronization of supply and demand.

This reduces food waste, lowers fees for both parties, and increases profits for farmers and retailers alike.

Founded in 2023 by Youssef Mamou and Larbi Alaoui Belrhiti, YoLa Fresh has already made significant strides.

They’ve partnered with over 1,000 retailers across North Africa and boast a monthly gross merchandise volume (GMV) of $1 million.

The company reportedly delivers more than 1,200 tonnes of produce monthly and enjoys an impressive 85% customer retention rate, with retailers averaging four transactions per week.

YoLa Fresh’s strong customer loyalty is a key indicator of future success. The startup anticipates achieving a positive contribution margin by the end of 2024 or early 2025.

They plan to focus on cash-on-delivery options with traditional retailers, collaborate with farmers to improve margins, and prioritize unit economics for long-term viability.

With an annualized revenue target of $40-50 million by 2026, YoLa Fresh has its sights set on expansion beyond Morocco’s borders in the same year.

The agricultural sector contributes a significant 15% to Morocco’s GDP, making it a prime market for the company’s services.

The substantial domestic market, with its traditional trade sector generating an estimated $5-6 billion annually, presents a lucrative opportunity for YoLa Fresh to revolutionize the way food gets from farm to table in Morocco.