CloudFret, a groundbreaking transport and logistics startup, has successfully closed a €2 million ($2.1 million) funding round, with investments pouring in from AfriMobility and Azur Innovation Fund. In addition to the $1 million it raised in 2022, it has now raised $3.1 million to date.
Founded in 2021 by Driss Jabar, the Morocco-based company is set to rapidly expand its operations, including a strategic extension to Marseille. In line with its growth trajectory, CloudFret aims to double its workforce by the end of 2024.
At the heart of this recent funding initiative is CloudFret’s dedication to addressing the inefficiency of empty truck returns within the intra-European market. Leveraging an AI-driven algorithm, CloudFret’s innovative platform operates as a mobile Software as a Service (SaaS) solution. It is designed to seamlessly connect carriers and shippers across Europe, streamlining the process of finding and booking freight transportation.
CloudFret’s unique platform targets the reduction of empty return trips, a common issue in the logistics industry, by matching empty trucks with available cargo in need of transportation. This approach not only optimizes operations for carriers but also reduces delivery times for shippers, contributing to a more sustainable and cost-effective transport ecosystem.
Currently, CloudFret is working with a team of around twelve employees, but with the new influx of capital, the company is poised to expand its talent pool significantly. The use of artificial intelligence in CloudFret’s operations mirrors the ‘carpooling’ concept for cargo vehicles, drawing inspiration from successful models such as BlaBlaCar.
Driss Jabar, CloudFret’s CEO, articulated the platform’s inception from witnessing trucks traveling vast distances without cargo. The innovative solution developed by CloudFret not only benefits the transporters and loaders by optimizing their operations but also enhances the delivery experience with real-time tracking updates.
As it stands, CloudFret boasts a client base of 130 shippers and collaborates with over 900 transport companies, managing a fleet of 7,000 vehicles across six nations including France, Spain, Morocco, Senegal, Portugal, and Italy.
Beyond optimizing truck usage, CloudFret has diversified its offerings with the introduction of a B2B SaaS marketplace. This marketplace not only provides competitive transport solutions but also integrates value-added services such as post-delivery payment options through FastPay, discounted fuel cards with deferred payment options, and competitively priced cargo insurance.
Looking ahead, Driss Jabar hints at further expansion, revealing that “other large-scale investments are in the closing phase.” This points to a bright future for CloudFret as it continues to carve a niche for itself in the transport and logistics sector, redefining the standards and practices of the industry with its innovative solutions.
