Morocco’s CloudFret closes $2.1 million round
In a successful move to bolster its operations, CloudFret, a transport and logistics startup, recently concluded a new funding round, securing €2 million ($2.1 million) from investors AfriMobility and Azur Innovation Fund. The startup, operational in Morocco since 2021 and extending its presence to Marseille, is poised for rapid development, with plans to double its workforce by the close of 2024. The focus of this funding round centres on the introduction of an innovative solution geared towards optimising empty truck returns, specifically targeting the intra-European market.
Established in 2021 by Driss Jabar, CloudFret initially concentrated on mitigating empty truck returns between the Mediterranean shores through an AI algorithm-driven platform connecting shippers and carriers. This mobile Software as a Service (SaaS) solution is accessible across all European carriers, freight forwarders, and shippers’ download platforms.