Morocco’s CloudFret Accelerates Expansion with €2 Million Investment Boost
CloudFret, a budding enterprise in the transport and logistics arena, has successfully garnered a fresh investment of €2 million (equivalent to $2.1 million) to fuel its expansion plans. The investment, channeled by AfriMobility and Azur Innovation Fund, propels the startup's growth trajectory since its 2021 inception and supports its mission to enhance operational capacity in Morocco and beyond.
By the end of 2024, CloudFret aims to amplify its workforce twofold, reflecting the company's commitment to innovation and market expansion.
The company, founded by Driss Jabar, harnesses an AI-enhanced platform to bridge the gap between shippers and carriers, focusing on the efficient use of truck capacity across the Mediterranean. CloudFret's platform stands out for its wide accessibility, allowing European shippers and freight forwarders to reduce empty truck voyages through a robust mobile SaaS application.
With its latest technological solution, CloudFret is set to widen its reach within the shipper and carrier community. Currently, the company's talent pool stands at around twelve, but there's a strategic plan to double this number by 2024's end.
King Mohammed VI of Morocco has underscored the continent's need for such groundbreaking and bold ventures that unlock Africa's latent potential.
CloudFret's model works akin to a 'cargo carpooling' mechanism, leveraging AI to align empty cargo trucks with pending shipments, thereby curtailing the frequency of unladen trucks, particularly on the Europe-Africa route, drawing parallels to passenger carpooling services like BlaBlaCar.
Founder and CEO Driss Jabar, who profiles as CloudFret's visionary on LinkedIn, has cultivated the platform from recognizing the inefficiencies of trucks traveling empty over long distances. The platform's collaborative framework not only serves the logistical needs of carriers and shippers but also facilitates expanded business reach and trimmed delivery schedules, enriched with live cargo tracking features.
Currently, CloudFret's network spans 130 shipping clients and collaborates with 900 transportation firms, managing a fleet of 7,000 vehicles across France, Spain, Morocco, Senegal, Portugal, and Italy.
Expanding beyond its core service, CloudFret has also introduced a B2B SaaS Marketplace, which goes beyond just matching transport needs. It also offers an array of ancillary services, including post-delivery payment solutions, discounted and deferred payment fuel cards, and competitively priced cargo insurance options.
Driss Jabar hints at more substantial investment rounds nearing finalization, painting a robust growth narrative for CloudFret as it carves out a new niche in the logistics sector.
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