Algerian transport startup Yassir has raised a $30 million Series A funding to scale and support talents across Africa.
Yassir was founded in 2017 by CEO Noureddine Tayebi with Mahdi Yettou, as an on-demand ride-hailing platform because the cities it targeted have dense populations and ineffective transportation services.
The platform now also offers last-mile delivery services and collaborates with over 40,000 people in Algeria, Morocco and Tunisia to develop a multi-sided marketplace that connects drivers, couriers, retailers, suppliers, and wholesalers with individual consumers.
The funding rounds were led by a wide network of essential strategic investors including WndrCo, DN Capital, Kismet Capital, Spike Ventures and Quiet Capital, and also includes Endeavour Catalyst, FJ Labs, VentureSouq, Nellore Capital, Moving Capital and various notable angel investors.
The company stated that most of the investors from its previous $13.25 million undisclosed seed round that included Y Combinator also participated in this round.
How the $30 Million Funding will help Yassir’s Growth
The Algerian transport startup Yassir plans on using the funding to scale and support local talents, as well as stabilise growth in its existing markets by creating new products and upgrading existing ones. The platform is also planning on scaling the engineering skills within the company and locally.
“We will be using the funds to triple the size of our engineering team to meet our product ambitions, consolidate our growth in the existing markets via current and new products, and expand into new markets primarily in Sub-Saharan African countries but also into other strategic geographies”, Tayebi said.
“Yassir is not just a company to me. It was founded with a fourfold mission. First, we want to create a 100% local tech startup success model which will be emulated by others and more so Yassir team members. Second, we want to empower the local talent and more importantly the technical talent which often leaves the region, mainly to Europe, to pursue further studies or find jobs”.
Yassir has begun its expansion into other regions, with a large focus on West Africa and touching Europe, and will launch in the coming months.