Moroccan transport management software company Freterium has raised $4 million in a seed round led by US investment platform Partech.
The round had Y Combinator, Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and other angels as participants.
The company will deploy the fund into boosting its tech and product development while also serving more companies in the Middle East and Africa.
Founded in 2020 by Mehdi Cherif Alami and Omar El Kouhene, the startup connects shippers with their logistics system in real-time and is used by any company that delivers products daily.
The transport startup currently has more than 20 enterprise customers and over 3,000 users on its software.
ACEO, Mehdi Cherif Alami said, “This US$4 million funding round is an endorsement of our unique model and approach, our team’s capabilities, and the tremendous market opportunity. We are grateful for the support of the finest investors that share our vision and our values. The timing is right to scale our product across the region and beyond. For most companies, logistics challenges have become a boardroom conversation. We are already trusted by leaders in their respective industries, and we look forward to putting our product at the disposal of many small and large players that need us.” said Alami.
Cyril Collon, general partner at Partech commenting on the investment said, “We have been looking closely at the freight trucking market in Africa and the Middle East, which is worth US$250 billion, for the past five years.
“Eighty-five percent of the volume is carried through established legacy partnerships between shippers and carriers and still run with manual, inefficient tools. Freterium has built a holistic approach to solving the key challenges of the industry.
