Moroccan transport and logistics startup CloudFret has successfully concluded a funding round, securing 2 million euros ($2.1 million) from investors AfriMobility and Azur Innovation Fund. Operating in Morocco since 2021 and expanding to Marseille, CloudFret is poised for rapid development with plans to double its workforce by the end of 2024. The funding round focuses on introducing an innovative solution to optimize empty truck returns, particularly targeting the intra-European market.
CloudFret employs artificial intelligence (AI) to detect empty cargo vehicles, directing them to available goods for transportation, minimizing empty truck returns between Europe and Africa. The company serves one hundred thirty shipper clients, engaging with nine hundred transport companies across six countries and has introduced a business-to-business (B2B) software as a service marketplace, offering various services beyond transportation.