Morocco’s foodtech Terraa raises $1.5M led by FoodLabs
Terraa , a Moroccan B2B tech-enabled food distribution platform, has raised $1.5 million pre-seed funding in a round led by FoodLabs, a European early-stage VC investor and venture studio for food, sustainability and health. Other participants in the round were UM6P Ventures, Outlierz Ventures, Musha Ventures, and Africa-centric DFS Lab. Founded by Youssef Benkirane and Benoit De Vigne last year, Terraa, which sources fresh food directly from farmers and deliver it to resellers, plans to use the funding to strengthen its logistics infrastructure, expand across Morocco’s cities, before exploring new markets within the region in a year’s time. The startup is bringing change to the fresh food supply chain in Morocco, which Benkirane describes as highly-fragmented, still traditional and dominated by intermediaries buying produce from farmers at low prices, only to sell for huge profits. It intends to provide a consistent and competitively-priced market for the produce, helping farmers