In November 2022, on-demand services marketplace Yassir raised a $150 million Series B round led by BOND, taking its total funding to $193.25 million. There's a reason why investors have been eager to sign up. Yassir is today the only app in the Maghreb region-Algeria, Morocco, and Tunisia that offers a combination of ride-hailing, food, and grocery delivery services, as well as payment services, giving it a sizable competitive advantage over other players.
Careem started operating in Algiers, Yassir's largest market, in 2019, focusing on ride-hailing only-it quit operations there in the summer of 2022, although it still competes with Yassir in Morocco. French ride-hailing app Heetch also operates in Yassir's markets. On the food and grocery side, Yassir's main competitor is Jumia Food, which is present in Algeria, Morocco, Tunisia, and Senegal. Glovo is among its competitors in Morocco and Tunisia. "The first-mover advantage allowed us to build trust," he explains. "It is hard for new entrants to overcome the barrier because there is already a very strong player dominating."
Lead investor BOND is one of Silicon Valley's largest VC firms, with investments in many iconic companies, including Facebook, Twitter, Snap, DoorDash, Uber, and Airbnb. "Yassir has emerged as a beloved consumer platform in a largely underserved region with powerful, multi-decade, demographic tailwinds," says Daegwon Chae, General Partner at BOND. "Yassir's expansive product approach creates both high service quality for customers and strong operating efficiencies, setting the foundation for an enduring business." Other investors in its most recent funding round include DN Capital, Dorsal Capital, Quiet Capital, Spike Ventures, and Y Combinator.
This story is from the December 2022 edition of Forbes Middle East - English.
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This story is from the December 2022 edition of Forbes Middle East - English.
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