MOROCCO – Moroccan transport and logistics start-up that connects loaders to transporters, Cloud fret has successfully raised US$1 million seed round to expand operations in European and African markets.
The funds will enable the start-up to expand further in the European and African markets. The company also hopes to use the funds raised to increase the number of staff and achieve 10,000 operating trucks by 2022, while also launching new loyalty services.
The start-up wants to fully digitize this process in order to optimize transportation costs while reducing the environmental impact of cargo trucks using an ethical and sustainable model.
The platform not only benefits loaders and transporters but also allows their partners to expand their operations while shortening delivery times. While doing all these, the start-up provides real-time updates on the cargo’s journey.
“This fundraising demonstrates the trust placed in the Cloud fret team and the market potential. Cloud fret is seeing three-digit growth: the revenue generated in the first quarter of 2022 is equal to that of the fiscal year 202,” said founder Driss Jabar.
Cloud fret uses artificial intelligence technology to detect empty cargo vehicles and direct them to goods to be transported, hence minimizing empty truck returns between Europe and Africa, the same carpooling idea as Blablacar.
“That is to say, kilometers during which the truck has no load and, as a result, the driver is not paid and pays his fuel bill,” Jabar said.
Cloud fret has already secured 58 regular freight customers in Europe and Africa (France, Italy, Spain, Portugal, Morocco, and Senegal) and plans to deploy 4,000 vehicles.
In addition, it also offers a fuel card with discounts and deferred payment, and cargo insurance at the best price on the market.