Tech in Africa
Cloud Fret, a Moroccan logistics startup has raised $390,000 from the Azur Innovation Fund. The fund earlier made its first investment into Epicerie Verte.
The Moroccan startup was founded in 2020 to connect loaders and transporters. This solution solves the problem of empty return trucks between the two ends of the Mediterranean. Employing AI-powered technology helps track the movement of empty cargo trucks and direct them to cargo in need of transportation. The Moroccan transport and logistics startup is working towards full digitization of the process to optimize transportation costs and reduce the environmental impact of cargo trucks through ethical and sustainable working models.
Cloud Fret’s platform serves both loaders and transporters allowing their partners to access opportunities that increase their activities while reducing delivery times. The startup also provides live updates throughout the cargo’s journey.
Azur Innovation Fund is a public-private seed fund financing innovative startups across Morocco. Launched in 2020, the $35 million fund looks to invest in Moroccan startups. It also works to promote initiatives that form part of Morocco’s development strategy such as the Green Morocco Plan, the Industrial Acceleration Plan, and the Morocco Digital Plan. The fund is focused on the verticals agritech, fintech, biotech, medtech, edtech, cleantech, among others.
Source: Wamda
