Fret, Moroccan Logistics Startup Cloudfret Secures $1M Funding
Cloudfret, a Moroccan logistics and transportation business that connects loaders and carriers, has raised $1 million in capital to extend its operations in European and African markets.
Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and business angel Khalid Zitouni all contributed to the fundraising, which raised the company’s valuation to US$20 million.
“This round of funding indicates the confidence in Cloudfret’s team and market potential.” “The revenue generated in the first quarter of 2022 is equal to that generated in the fiscal year 202,” said Cloudfret founder Driss Jabar in a statement.
The cash will be used to extend the company’s activities across Europe and Africa. The monies obtained will also be used to hire more people and increase the number of running trucks to 10,000 by 2022, as well as develop new loyalty services.
Driss Jabar started Cloud Fret, a transportation and logistics firm that connects truck loaders and carriers, in 2021. The concept for this freight transportation platform, according to Jabar, stemmed from the reality that many trucks travel hundreds of kilometers empty.
Cloudfret, like Blablacar’s carpooling concept, uses artificial intelligence to detect empty cargo vehicles and dispatch them to commodities to be delivered, decreasing empty truck returns between Europe and Africa.
“That is, kilometers during which the truck has no load, as a result of which the driver is not paid and pays his fuel bill,” Jabar explained.
The platform benefits not just loaders and carriers, but also their partners, allowing them to expand their operations while reducing delivery times. All of this is done while the startup offers real-time updates on the cargo’s progress.
With plans to deploy 4,000 vehicles by 2021, Cloudfret has 58 regular freight customers in Europe and Africa (France, Italy, Spain, Portugal, Morocco, and Senegal).
The site has recently introduced a B2B SaaS Marketplace, which includes the finest transportation prices as well as a broader selection of services, such as FastPay payment after delivery.
It also offers a fuel card with discounts and deferred payments, as well as the best cargo insurance on the market.
