Freterium, a Moroccan startup, has secured $4 million in seed funding to enable it expand across the country and into neighboring countries.
Partech, a San Francisco-based investor, led the investment. Participants included Y Combinator, CDG Invest, Flexport, Swiss Founders Fund, Outlierz Ventures, and a few angel investors from the US, Europe, Asia, and Africa.
CPO and Alami Freterium, a YC-backed company, was launched by Omar El Kouhene in 2020. The startup’s goal is to develop a holistic strategy to address the freight industry’s crucial backend concerns.
According to the firm, Freterium transportation management software allows freight businesses to handle shipments from the port to the plant, then items from the manufacturer to warehouses, B2B clients, and finally end-users.
By exchanging order details with parties involved in the transaction, Freterium software supports in the implementation and tracking of shipments.
After the shipment has been delivered, retailers can track delivery company invoices, evaluate performance and service quality, and identify internal redundancies.
According to the CEO, Freterium increased 35 percent month over month in its first full year of operation, gaining more than 20 corporate clients. Over 3,000 people have signed up for this program.
According to Alami, the funds will be used to invest in R&D, hire more personnel in order to triple the startup’s current team size within a year, advertise the firm’s software, and expand across Egypt, Saudi Arabia, and the United Arab Emirates.
