In the latest news, Moroccan startup CloudFret has successfully concluded a funding round, securing a substantial $2.1 million from investors AfriMobility and Azur Innovation Fund. This infusion of capital is set to propel CloudFret’s innovative solutions in optimizing empty truck returns, particularly in the intra-European market.
Established in 2021 by founder and CEO Driss Jabar, CloudFret initially focused on tackling the challenge of empty truck returns between Mediterranean shores through an AI-driven platform. The startup’s mobile Software as a Service (SaaS) solution connects shippers and carriers seamlessly, and it’s accessible to all European carriers, freight forwarders, and shippers through download platforms.
Addressing Empty Truck Returns
CloudFret employs artificial intelligence to identify empty cargo vehicles and directs them to available goods for transport. This unique approach reduces empty truck returns, especially between Europe and Africa, presenting a concept reminiscent 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.
Expanding Services and Reach
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, coupled with additional services such as FastPay payment after delivery, fuel cards with discounts, deferred payments, and competitive cargo insurance.
About the Funding
The recent funding round of $2.1 million is a testament to the confidence investors AfriMobility and Azur Innovation Fund have in CloudFret’s innovative solutions. The capital infusion will facilitate the startup’s ambitious plans, including doubling its workforce and expanding its operations. The focus remains on reshaping the transport and logistics industry by providing efficient and cost-effective solutions.
CloudFret‘s journey from its inception in 2021 to securing $2.1 million in funding showcases its commitment to revolutionizing the transport and logistics industry. By addressing the critical issue of empty truck returns and expanding its services through a B2B SaaS marketplace, CloudFret is poised for significant growth and influence. As the company continues to reshape the landscape of transportation, the recent funding signals a promising trajectory for CloudFret’s future endeavors.
How does CloudFret use artificial intelligence in its platform?
CloudFret employs artificial intelligence to identify empty cargo vehicles and directs them to available goods for transport. This approach reduces empty truck returns, optimizing the efficiency of the transport and logistics process.
What countries does CloudFret currently operate in?
CloudFret currently operates in six countries: France, Spain, Morocco, Senegal, Portugal, and Italy. The startup has plans to expand its presence further, aiming for a more extensive reach in the transport and logistics market.
What additional services does CloudFret’s B2B SaaS marketplace offer?
CloudFret’s B2B SaaS marketplace not only provides optimal transport deals but also includes services such as FastPay payment after delivery, fuel cards with discounts and deferred payments, and cargo insurance at competitive market prices.