Yassir raises $150 million in Series B funding to strengthen its regional growth and expand in Africa and globally. Yassir becomes the most valued startup in North Africa.
Algiers, November 7, 2022 – Yassir, an online marketplace offering on-demand services such as transportation, meal and grocery delivery, as well as financial services, announced today that it has raised $150 million in Series B funding from leading global investors. The investment was led by BOND, one of the largest venture capital firms in Silicon Valley, with participation from Y Combinator, the world's largest startup accelerator, DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures, and other existing strategic investors.
Having raised a total of $193.25 million over the five years since its launch, Yassir is now the most valued startup in North Africa and one of the most valued companies in Africa and the Middle East. With this latest funding round, Yassir plans to expand its reach in the region.
"Yassir means 'easy' in Arabic, and our mission as a company is to make people's lives easier," says Noureddine Tayebi, founder and CEO of Yassir. "In the markets where we operate, we already have a significant impact on how people manage their daily lives. We look forward to expanding our presence in other geographical areas to become the first SuperApp to be widely adopted."
Founded in 2017, the company is currently present in six countries and 45 cities, serving more than 8 million users. Popular in the Maghreb region (Algeria, Morocco, and Tunisia) and in some parts of French-speaking Africa, Yassir provides three core services: transportation, meal and grocery delivery, and financial services. As an all-in-one ecosystem, Yassir offers its customers a unique solution to manage all their daily activities, from commuting to work to ordering groceries and meals. These services generate income for over 100,000 partners, including drivers, couriers, merchants, wholesalers, and other participants in the sharing economy.
In addition to providing a suite of basic services, Yassir offers financial services aimed at serving the entire ecosystem, addressing every component of the marketplace. A 2018 report by McKinsey & Company on the growth and innovation of financial services in Africa revealed that over half (57%) of the African population has no form of bank account. Among African banking customers, 40% prefer digital channels for transactions. By providing African consumers with a mobile payment solution as part of a more comprehensive service suite, Yassir addresses a significant market need, where 50% of the population already has access to mobile internet.
"We believe that technology will fundamentally reshape consumers' relationship with daily needs – transportation, food, financial services – not only in developed countries but in every corner of the world," said Daegwon Chae, General Partner at BOND. "This investment is an extension of that belief in an underserved but dynamic and rapidly growing region. Emerging from North Africa, the app has already become essential to users for critical aspects of their lives."
Noureddine, a Stanford Ph.D. holder and native of Algiers with over 10 years of experience in business and entrepreneurship in Silicon Valley, returning to his native region, also commented on the company's mission.
"Yassir is not just a business for me. It was founded with a fourfold mission. First, we want to create a 100% locally successful technological startup model that will be emulated by others and especially by Yassir team members. Second, we want to empower local talent, especially technical talent that often leaves the region, mainly to Europe, for further studies or employment. In fact, we hire engineers in every country where we operate to extend this mission. Then, we want to make people's lives easy. In fact, Yassir means easy in Arabic! Finally, we want to instill social values through our products, such as trust and mutual assistance."
To learn more about Yassir, visit: https://yassir.com/.
About Yassir:
Founded in 2017, Yassir is an online marketplace that offers its users a suite of services, including transportation, meal and grocery delivery, and payment services. The company operates in six countries and 45 cities worldwide, serving over 8 million customers and more than 100,000 partners.
