Morocco’s Cloudfret Raises USD 1 Mn For Expansion

Morocco-based SaaS startup Cloudfret has raised a USD 1 Mn round, led by Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobility, and angel investor Khalid Zitouni. The funding will enable the startup to grow its team, launch new loyalty services, and deepen its presence in the European and African markets.

Cloud Fret is a transport and logistics company that connects truck loaders and carriers. The startup uses artificial intelligence technology to detect empty cargo vehicles and direct them to goods to be transported, minimizing empty truck returns between Europe and Africa.