CloudFret, a Moroccan-based freight startup that uses artificial intelligence to optimize truck transportation by tracking the movement of empty cargo trucks and linking them with loaders has secured a $1 million funding round to scale further in the European and African markets.
The startup, which was founded by Driss Jabar in 2020 also gives real-time updates on the cargo’s journey, as well as creates opportunities for its partners to expand their operations while reducing delivery time.
Driss Jabar, CEO, and founder in a statement said “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 202.”
The startup plans to utilize the funds to scale further in Europe and Africa – where it currently has 58 regular freight customers in countries like France, Italy, Spain, Portugal, Morocco, and Senegal – to achieve 10,000 operating trucks, hire more talents as well as add new loyalty services to its offerings.
Jabar also hinted that other large-scale investments are in the closing phase, “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.”