Moroccan startup CloudFret has successfully wrapped up a funding round, securing a significant $2.1 million from investors AfriMobility and Azur Innovation Fund. This boost in capital is set to propel CloudFrets innovative solutions in optimizing empty truck returns, particularly in the intra-European market.
Founded in 2021 by Driss Jabar, CloudFret initially tackled the challenge of empty truck returns between Mediterranean shores through an AI-driven platform. The startup's mobile Software as a Service (SaaS) solution seamlessly connects shippers and carriers, accessible to all European carriers, freight forwarders, and shippers through download platforms.
Addressing the issue of empty truck returns, CloudFret utilizes artificial intelligence to identify vacant cargo vehicles and directs them to available goods for transport. This approach reduces empty truck returns, especially between Europe and Africa, resembling the concept of carpooling seen in platforms like BlaBlaCar. The platform aims to expand its customer base among shippers and partner carriers, with plans to double its workforce by the end of 2024.
Currently serving 130 shipper clients and engaging with 900 transport companies across six countries, CloudFret has extended its services beyond optimizing empty truck returns. The introduction of a business-to-business (B2B) SaaS marketplace offers optimal transport deals, along with additional services such as FastPay payment after delivery, fuel cards with discounts, deferred payments, and competitive cargo insurance.
The recent funding round of $2.1 million reflects the confidence that investors AfriMobility and Azur Innovation Fund have in CloudFrets innovative solutions. This capital injection will support the startups ambitious plans, including doubling its workforce and expanding its operations. CloudFret remains focused on reshaping the transport and logistics industry by providing efficient and cost-effective solutions.
