Rabat – CloudFret, a Moroccan transport and logistics startup, concluded a new funding round, securing $2.1 million (MAD 21 million) from investors AfriMobility and Azur Innovation Fund.
Operational in Morocco since 2021, the startup has recently extended its presence to Marseille and has plans to double its workforce by the close of 2024, a report from Wamda says.
The funding round focused on introducing an innovative solution to optimize empty truck returns targeting the intra-European market.
Founded in 2021 by Driss Jabar, CloudFret initially focused on addressing the issue of empty truck returns between Mediterranean shores through an AI-driven platform connecting shippers and carriers.
The mobile Software as a Service (SaaS) solution is accessible to all European carriers, freight forwarders, and shippers through download platforms.
With the introduction of the solution, CloudFret aims to expand its customer base among shippers and partner carriers. Currently employing around twelve individuals, the company has ambitious plans to double its workforce by the end of 2024.
CloudFret employs artificial intelligence to identify empty cargo vehicles, directing them to available goods for transport. The approach reduces empty truck returns, particularly between Europe and Africa, resembling the concept of carpooling seen in platforms like BlaBlaCar.
Driss Jabar, CloudFret’s founder and CEO, explained that the platform originated from observing trucks covering extensive distances while empty.
Beyond benefiting loaders and transporters, the platform enables partners to expand operations and reduce delivery times by providing real-time updates on the cargo’s journey.
CloudFret currently serves 130 shipper clients and engages with 900 transport companies operating 7,000 vehicles across six countries: France, Spain, Morocco, Senegal, Portugal, and Italy.
In addition to optimizing empty truck returns, the startup has expanded its services by introducing a business-to-business (B2B) SaaS marketplace.
The marketplace not only offers optimal transport deals but also includes additional services such as FastPay payment after delivery, fuel cards with discounts and deferred payments, and cargo insurance at competitive market prices.
Jabar shared insights into the company’s future, saying that “other large-scale investments are in the closing phase,” indicating a promising trajectory for CloudFret as it continues to reshape the transport and logistics industry.
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