Freterium, a Moroccan logistics startup, acquires $4 million in a seed round
Freterium, a Moroccan startup, has received $4 million in seed funding to help it grow and serve more businesses in Africa and the Middle East.
Partech led the round, which also included Y Combinator (Freterium was a part of the S21 cohort), Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and business angels from the United States, Europe, Asia, and Africa.
Freterium, founded in 2020 by Mehdi Cherif Alami and Omar El Kouhene, has developed transport management software that allows shippers to interact with the entire logistics ecosystem in real time, reducing shipping time and costs. It currently has over 20 commercial customers and over 3,000 users.
In 2021, the firm experienced rapid growth and opened an office in the United Arab Emirates (UAE), and it is currently planning further expansion after receiving US$4 million in venture capital.
“This $4 million fundraising round demonstrates our unique concept and approach, our team’s strengths, and the enormous market opportunity.” We are grateful to the most generous investors who share our vision and values. The timing is ideal for us to broaden our product offerings throughout the region and beyond. Logistics issues have evolved into a topic of discussion in the boardroom for the vast majority of businesses.
“We have already earned the trust of industry leaders, and we are excited to put our product in the hands of numerous small and large businesses that require our services,” Alami said.
Freterium will use the funds to expand its technology and product development capabilities in order to accelerate its growth and serve more businesses in Africa and the Middle East. It plans to more than double the team’s size in the next 12 months.
