CloudFret's Innovative Logistics Approach Attracts €2 Million Funding
CloudFret, a dynamic transport and logistics startup, has successfully concluded a new funding round, securing €2 million ($2.1 million) from prominent investors AfriMobility and Azur Innovation Fund.
The startup, which has been operational in Morocco since 2021 and has recently expanded its presence to Marseille, is poised for rapid development, with ambitious plans to double its workforce by the end of 2024.
The primary focus of this funding round revolves around the introduction of an innovative solution designed to optimize empty truck returns, specifically targeting the intra-European market.
Founded in 2021 by Driss Jabar, CloudFret initially focused on addressing the issue of empty truck returns between Mediterranean shores through an AI algorithm-driven platform connecting shippers and carriers.
This mobile Software as a Service (SaaS) solution is accessible to all European carriers, freight forwarders, and shippers through downloadable platforms.
The latest funding injection positions CloudFret to expand its clientele among shippers and partner carriers.
With plans to double its workforce by the end of 2024, the company is set to make significant strides in the transport and logistics sector.
CloudFret's groundbreaking approach incorporates artificial intelligence to identify empty cargo vehicles and directs them to available goods for transportation.
This innovative strategy aims to minimize empty truck returns, particularly between Europe and Africa, adopting a concept reminiscent of carpooling, similar to platforms like BlaBlaCar.
Driss Jabar, Founder and CEO of CloudFret, explained that the platform originated from the observation of trucks covering extensive distances while empty.
Beyond benefiting loaders and transporters, the platform empowers partners to expand operations and reduce delivery times, providing real-time updates on the cargo's journey.
Presently serving 130 shipper clients and engaging with 900 transport companies operating 7,000 vehicles across six countries — France, Spain, Morocco, Senegal, Portugal, and Italy — CloudFret has not only optimized empty truck returns but has also expanded its services.
The startup has unveiled a Business-to-Business (B2B) SaaS Marketplace, offering optimal transport offers along with additional services such as FastPay payment after delivery, fuel cards with discounts and deferred payment, and competitive cargo insurance.
Driss Jabar shared insights into the company's future, stating that "other large-scale investments are in the closing phase," signaling a promising trajectory for CloudFret as it continues to reshape the transport and logistics industry.
Charles Rapulu Udoh / Afrikan Heroes