Moroccan Start-Up Cloud Fret Raises €1 Million in Seed Round

Moroccan transport and logistics start-up Cloud Fret recently raised €1 million in a seed round to expand into African and European markets.

Rabat – Moroccan transport and logistics start-up Cloud Fret recently raised €1 million in a seed round to expand into African and European markets.

The Moroccan startup benefitted from funding from Azur Innovation Management, Afrimobility, Plug and Play Tech Center, Board Member of Endeavor Morocco Khalid Zitouni, and CEO of PCH International Liam Casey.
Initiated in 2020 by Driss Jabar, Cloud Fret is the first platform to connect shippers and carriers between Africa and Europe.

It uses artificial intelligence technology to provide up-to-date information on cargo movement to detect empty cargo vehicles and connect them to shippers in need of transporting their goods. The platform also helps minimize empty truck returns between the two Mediterranean shores.

Celebrating the news, Jabar wrote last week on LinkedIn that the funding will support the startup’s work “to democratize the transport of goods and help thousands of small carriers to live with dignity from this noble profession while reducing the carbon footprint.”

The new funding is expected to boost Cloud Fret’s valuation to $20 million, with the objective of reaching a set year-to-year growth of 500% in 2022.

It will further enable the startup to increase its staff number and reach 10,000 operating trucks this year while introducing new loyalty services.

Cloud Fret received $390,000 from Azur Innovation Fund in September last year, making it the second investment for the fund.

The Moroccan startup’s concept was first presented two years ago in a pitch competition, said Jabar.
Delightfully surprised by the unexpected enthusiasm around his idea, the Moroccan entrepreneur ended up with a growing and promising startup that currently has 58 regular freight customers in Morocco, Spain, Portugal, Italy, and Senegal.