Cloud Fret has secured a $390,000 investment from Azur Innovation Fund (MAD3.5 million). Following Epicerie Verte, it is the fund’s second investment.
Cloud Fret was launched in 2020 as a transportation and logistics startup. Its platform links loaders and carriers with the goal of eliminating empty truck returns between the Mediterranean’s two ends.
Its aim is to use artificial intelligence to optimize truck transportation by tracking the movement of empty cargo trucks and orienting them to cargo that needs to be transported. Cloud Fret aims to totally digitize this procedure in order to reduce transportation costs while also reducing the environmental impact of cargo trucks through an ethical and sustainable model.
In fact, the platform not only serves loaders and transporters, but it also provides potential for their partners to expand their operations while reducing delivery times. In addition, the startup gives real-time updates on the cargo’s journey.
Azur Innovation Fund is a public-private seed fund aimed at providing funding to innovative Moroccan startups. The fund will support programs that are part of Morocco’s development strategy, including the Industrial Acceleration Plan, Green Morocco Plan, and Morocco Digital Plan. It is doing so through investing in variety of industries, including agritech, fintech, biotech, medtech, edtech, cleantech, and others. Through its numerous collaborations with various players in the ecosystem, the fund stays open to innovation in the broad sense and aims to develop the entrepreneurial field in the country (incubators, accelerators, investment funds, banks, etc.).