Moroccan logistics and digital freight startup CloudFret has raised US$1 million in funding to help it expand further in African and European markets.
Founded by Driss Jabar in 2021, CloudFret is a transport and logistics company that connects truck loaders and carriers. The platform uses artificial intelligence technology to detect empty cargo vehicles travelling between Europe and Africa, and connects them with goods needing transporting.
The US$1 million in funding came from Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobi, and business angel Khalid Zitouni, and will be used to help CloudFret expand further in European and African markets. It will also increase the size of its team and launch new loyalty services.
“This fundraising demonstrates the trust placed in the CloudFret team and the market potential. CloudFret is seeing three-digit growth: the revenue generated in the first quarter of 2022 is equal to that of the fiscal year 2022,” said Jabar.
