Morocco-based SaaS startup Cloudfret has raised a $1 million round, led by Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and angel investor Khalid Zitouni. The new capital injection pushes the startup’s valuation to $20 million.
Founded in 2021 by Driss Jabar, CloudFret connects shippers to a large network of carriers in Africa and Europe. So far, It has managed to onboard 58 freight customers in Europe and Africa and plans to enlist 4,000 vehicles.
The funding will enable the startup to grow its team, launch new loyalty services, and deepen its presence in the European and African markets.
“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.
The funding will enable the startup to expand further in the European and African markets. The company also hopes to use the funds raised to increase the number of staff and achieve 10,000 operating trucks by 2022, while also launching new loyalty services.
Driss Jabar founded Cloud Fret in 2021 as a transport and logistics company that connects truck loaders and carriers. Jabar said the idea for this freight transportation platform came from observing that many trucks traverse many kilometers empty.
Cloudfret uses artificial intelligence technology to detect empty cargo vehicles and direct them to goods to be transported, hence minimizing empty truck returns between Europe and Africa, the same carpooling idea 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 not only benefits loaders and transporters but also allows their partners to expand their operations while shortening delivery times. While doing all these, the startup provides real-time updates on the cargo’s journey.
Cloudfret has already secured 58 regular freight customers in Europe and Africa (France, Italy, Spain, Portugal, Morocco, and Senegal) and plans to deploy 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.”
