Morocco’s Cloudfret raises $1 million to back expansion

Cloudfret is a platform to rent empty trucks and has successfully raised $1 Million. The funding came from Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and business angel Khalid Zitouni, thereby boosting the startup’s current valuation to $20 million.

“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,” founder Driss Jabar said in a statement.

This funding will allow the startup to expand in Europe and Africa. Funds raised will be used by the company to expand its staff, reach 10,000 trucks in 2022, and launch new loyalty programs.

Cloud Fret, which Driss Jabar founded in 2021, is a transport and logistics firm that connects truck loaders with carriers. Jabar stated that the idea for Cloud Fret’s freight transport platform was born from Jabar’s observation of empty trucks traveling miles.

Cloudfret uses artificial Intelligence technology to locate empty cargo vehicles and direct them towards goods. This reduces empty truck returns between Europe & Africa. It is the same carpooling concept as Blablacar.

“That is to say, kilometers during which the truck has no load and, as a result, the driver is not paid and pays his fuel bill,” Jabar said.

The platform benefits both loaders and carriers, but it also allows their partners expand their operations while reducing delivery times. While doing all these, the startup provides real-time updates on the cargo’s journey.

Cloudfret already has 58 regular customers in Europe (France, Spain, Portugal and Morocco) and plans to add 4,000 vehicles by 2021.

“Our work in the field has enabled us to launch today a B2B SaaS Marketplace that offers the best transport offers and a broader range of services: FastPay payment after delivery, fuel card with discount and deferred payment, and cargo insurance at the best price on the market,” Driss Jabar says, adding that “other large-scale investments are in the closing phase.”

Get latest news from African Startup ecosystem

Latest stories

You might also like...