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Tuesday, May 21, 2024

Moroccan Startup CloudFret Secures USD 2.1 Million for Further Expansion in Europe


CloudFret, a transport and logistics startup, recently concluded a new funding round, securing USD 2.1 Million from investors, AfriMobility and Azur Innovation Fund.  

The startup, operational in Morocco since 2021 and extending its presence to Marseille, is poised for rapid development, with plans to double its workforce by the close of 2024.

The focus of this funding round centers on the introduction of an innovative solution geared towards optimizing empty truck returns, specifically targeting the intra-European market. 

Established in 2021 by Driss Jabar, CloudFret initially concentrated on mitigating empty truck returns between the Mediterranean shores through an AI algorithm-driven platform connecting shippers and carriers. 

This mobile Software as a Service (SaaS) solution is accessible across all European carriers, freight forwarders, and shippers’ download platforms. With the introduction of this new solution, CloudFret seeks to expand its clientele among shippers and partner carriers. 

Presently employing approximately a dozen individuals, the company has ambitious plans to double its workforce by the conclusion of 2024.

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