CloudFret, a Morocco, and Marseille-based transport and logistics startup has raised $2.1 million in funding.
SaaS Investors
The round was led by AfriMobility and Azur Innovation Fund.
Founded in 2019, AfriMobility is a venture capital investment firm based in Casablanca, Morroco. The firm is a venture capital fund specializing in smart mobility and projects around new mobility solutions, electric vehicles, and smart transportation to facilitate and modernize urban travel modes and also reduce the carbon footprint generated by the Mobility of Vehicles.
Azur Innovation Fund is an early-stage venture capital fund managed by Azur Partners. The fund is located in Casablanca, Morocco, and invests in Morocco. The fund targets to invest in ed tech, fintech, ag tech, health tech, and B2B payments sectors.
CloudFret Use of Funds
The company plans to use the funding to expand its workforce and introduce an innovative solution to further optimize empty truck returns.
About CloudFret
Founded in 2021 by Driss Jabar, CloudFret is a SaaS freight platform that connects carriers, freight forwarders, and shippers. CloudFret uses an AI algorithm-driven platform to connect shippers and carriers, focusing on optimizing empty truck returns, particularly in the intra-European market. The platform helps reduce empty truck returns by directing them to available goods for transportation.
Funding Details
Company: CloudFret
Raised: $2.1M
Round: Unknown
Funding Month: November 2023
Lead Investors: AfriMobility and Azur Innovation Fund
Additional Investors:
Company Website: https://www.cloudfret.com/
Software Category: Logistics
Source: https://www.wamda.com/2023/11/morocco-cloudfret-closes-21-million-round