Cloud Fret, a logistics firm based in Morocco, has secured MAD3.5 million ($390,000) from Azur Innovation Fund, the fund’s second investment after Epicerie Verte.
Azur Innovation Fund is a public-private seed fund aimed at providing money to creative Moroccan entrepreneurs. The fund will support programs that are part of Morocco’s development strategy, including the Industrial Acceleration Plan, Green Morocco Plan, and Morocco Digital Plan. It is doing so through investing in a variety of industries, including agritech, fintech, biotech, medtech, edtech, cleantech, and others. Through its numerous connections with diverse participants in the ecosystem, the fund stays open to innovation in the broad sense and wants to expand the entrepreneurial field in the country (incubators, accelerators, investment funds, banks, etc.).
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A Look At What The Startup Does
Cloud Fret is a transport and logistics firm founded by Driss Jabar in 2020 that links loaders and carriers. It uses artificial intelligence technology to detect empty cargo vehicles and orient them to merchandise that needs to be transported, eliminating empty truck returns between the two sides of the Mediterranean.
Cloud Fret aims to totally digitize this procedure in order to reduce transportation expenses while also lowering the environmental impact of cargo trucks through an ethical and sustainable strategy.
In reality, the platform not only serves loaders and transporters, but it also provides potential for their partners to expand their operations while reducing delivery times. In addition, the startup gives real-time updates on the cargo’s progress.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer