CloudFret, a Moroccan logistics and digital freight firm, has secured $1 million in investment to help it grow its operations in Africa and Europe.
CloudFret is a transport and logistics startup that links truck loaders and carriers, founded by Driss Jabar in 2021. The program detects vacant freight cars travelling between Europe and Africa and links them with commodities that need to be transported using artificial intelligence technologies.
Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobi, and business angel Khalid Zitouni all contributed $1 million to CloudFret, which will be used to assist the company to develop further in European and African markets. It will also expand its workforce and introduce new loyalty programs.
“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 2022,” said Jabar.
