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The Morocco-based Logistics startup and digital freight platform Cloud Fret has successfully raised $390K in its latest funding round led by Azur Innovation Fund. This marks the fund’s second investment to date after funding online organic food marketplace Epicerie Verte in its latest SEED round.
Founded in 2020 by Driss Jabar, Cloud Fret is a transport and logistics startup that connects loaders to transporters, optimizing every route and fleet resource between the two ends of the Mediterranean using artificial intelligence technology to detect empty cargo trucks and directing them to cargos which needs to be transported.
While the Delivery & Logistics startups took the spotlight in MENA over the first half of this year, the growing investor interest in the movement of people & products reflected highly on the Transport sector in the second half of the year. Funding rounds closed by Transport startups in MENA grew by 64% since H1 2021, putting the industry amongst the top 5 most active industries YTD. AI and Tech-enabled digital freight startups have been particularly interesting for investors as startups like Cairo-based ShipBlu, Saudi-based Diggipacks raising varied funding rounds.
This Asset-light, decentralized model not only proves efficient if enabled properly by AI Technologies, but it is more importantly resource optimizing which usually generates extra revenue for shippers/loaders and freights alike. Cloud Fret integrates its artificial intelligence to track the movement of empty cargo trucks and orient them to cargos that need to be transported. The Morocco-based team aims 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.
Azur Innovation Fund is a public-private Seed fund that aims to finance the capital of innovative startups in Morocco. The fund aims to promote initiatives that are part of Morocco’s development strategy, namely: the Industrial Acceleration Plan, the Green Morocco Plan, and the Morocco Digital Plan. To do this, it is investing in many sectors such as Agritech, fintech, biotech, Medtech, Edtech, Cleantech, and more. The fund remains open to innovation in the broad sense and aims to develop the entrepreneurial field in the country, through its multiple collaborations with the various key and strategic players in the ecosystem.
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