Yassir, Algeria’s Super App Completes $150 Million in Series B Funding
A multi-sided marketplace called Yassir has announced that it has raised $150 million in Series B funding from well-known international investors.
The marketplace offers on-demand services like banking, food and grocery delivery, ride-hailing, and more. DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (formerly known as Spike Ventures), and Y Combinator were among the other strategic investors who joined BOND in leading the investment.
It is currently the most valuable startup in North Africa and one of the highest-valued firms in Africa and the Middle East after raising $193.25 million in the five years since the company’s founding. Yassir intends to increase its presence in the area with the help of this most recent round of finance.
According to Noureddine Tayebi, founder and CEO of Yassir, “Yassir means ‘easy’ in Arabic, and our objective as a company is to make people’s life easier. We are already having a big impact on how people manage their daily lives in the markets where we operate. We are excited to establish ourselves in further regions in order to become the first super app to have mass adoption.
Since its founding in 2017, the business has expanded to operate in six nations and 45 locations, serving more than 8 million users worldwide. The super app, which is well-liked in sections of French-speaking Africa and the Maghreb region (Algeria, Morocco, and Tunisia), offers three main services: banking services, food and grocery delivery, and ride-hailing.
The software offers its users a one-stop shop for managing all of their daily activities, from getting to work to ordering groceries and meals. It is an all-in-one ecosystem. More than 100,000 partners, including drivers, couriers, retailers, and wholesalers in addition to other gig workers and vendors, profit from these services.
In addition to offering a basic set of services, Yassir also provides financial services geared on supporting the entire ecosystem, interacting with every part of the multisided marketplace. In a 2018 report on development and innovation in African retail banking, McKinsey & Company reported that more than half (57%) of the continent’s population lacks any kind of bank account. 40% of African banking clients favor online platforms for transactions.
In an industry where 50% of people already have mobile internet connectivity, Yassir is addressing a critical need by offering consumers in Africa a mobile banking solution as part of a more complete array of services.
Daegwon Chae, general partner at BOND, asserts that technology “will fundamentally rearchitect customers’ relationships with daily requirements – transportation, food, financial services – not just in affluent countries, but in every corner of the world.” “This investment is a continuation of that conviction in a lively, underserved area that is expanding quickly. The software, which originated in North Africa, has already proved crucial to users in many areas of their lives.
Before establishing Yassir in his native Algeria, Noureddine, a Stanford PhD and native of Algeria, lived in Silicon Valley for more than 15 years. “Yassir was formed with a tripartite goal,” he continues. First and foremost, we want to establish a local tech business success story that can be imitated by others, especially Yassir team members. Second, we want to develop the local talent, especially the technical expertise, which frequently migrates to Europe, mostly to continue their education or look for work. In order to further that purpose, we really employ engineering expertise in every nation where we do business. Finally, we wish to improve the quality of life for our customers while instilling social values like cooperation and trust through our products.
