Cloud fret, a Moroccan transport and logistics startup that connects loaders and transporters, has raised a funding round of $1 million to expand its operations in European and African markets.
Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and business angel Khalid Zitouni all participated to the funding, bringing the company’s current valuation to US$20 million.
“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,” founder Driss Jabar said in a statement.
The funds will allow the startup to expand its operations across Europe and Africa. The company also plans to use the funds raised to hire more people and reach 10,000 operating trucks by 2022, as well as develop new loyalty services.
Cloud Fret was founded in 2021 by Driss Jabar as a transportation and logistics startup that connects truck loaders and carriers. According to Jabar, the idea for this freight transportation platform came from the fact that many trucks travel hundreds of kilometers empty.
Cloudfret uses artificial intelligence to detect empty cargo vehicles and send them to commodities to be transported, reducing empty truck returns between Europe and Africa, similar to Blablacar’s carpooling idea.
“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 it 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 58 regular freight customers in Europe and Africa (France, Italy, Spain, Portugal, Morocco, and Senegal), with plans to deploy 4,000 vehicles by 2021.
The platform has now launched a B2B SaaS Marketplace, which offers the best transportation deals as well as a wider range of services including FastPay payment after delivery.
It also offers a fuel card with discounts and deferred payments, as well as the best cargo insurance on the market.