Morocco’s CloudFret Wraps Up $2.1 Million Funding Round
The startup was founded in 2021 by Driss Jabar.
Morocco-based logistics startup and digital freight platform CloudFret has raised $2.1 million in a new funding round from AfriMobility and Azur Innovation Fund, reports Arageek.
The investment will accelerate the startup's expansion to Marseille and optimize its AI-driven solutions. CloudFret plans to double its workforce by the end of 2024.
Founded in 2021 by Driss Jabar, CloudFret optimizes truck capacity across the Mediterranean by bridging the gap between shippers and carriers through the use of an AI-enhanced platform that detects empty cargo vehicles and connects them with ready-to-transport goods and upcoming shipments. It aims to reduces the frequency of empty truck returns, especially on the Europe-Africa route.
CloudFret recently unveiled a business-to-business (B2B) software-as-a-service (SaaS) marketplace. The marketplace includes services like discounted fuel cards, deferred payments, FastPay payment after delivery, and cargo insurance at competitive market rates.
CloudFret currently works with 900 transportation companies and 130 shipping clients to manage 7,000 vehicles across France, Spain, Morocco, Senegal, Portugal, and Italy.
A subsidiary of Moroccan family-owned conglomerate Akwa Group, AfriMobility is an investment company that supports mobility solutions in Morocco. Azur Innovation Fund is a public-private seed fund launched as part of the Moroccan government's Innov Invest Initiative in 2016.
In May 2022, CloudFret closed a $1 million funding round from Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and business angel Khalid Zitouni. In 2021, it raised $390,000 from the Azur Innovation Fund.