Cloud Fret Raises $390,000 from Azur Innovation Fund

Cloud Fret Raises $390,000 from Azur Innovation Fund
Source: Geoff Wiggins / Studio Octavio

Azur Innovation Fund has invested $390,000 (3.5 million Morrocan Dirhams) in Cloud Fret. It is the fund’s second investment following that of Epicerie Verte.

Cloud Fret is a transport and logistics startup founded in 2020. Its platform connects loaders and transporters as it aims to eliminate empty returns of trucks between the two ends of the Mediterranean.

Its aim is to optimize the transport of trucks with the help of artificial intelligence which can track the movement of empty cargo trucks and orient them to cargo which needs to be transported. Cloud Fret wants 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.

In fact, not only is the platform servicing loaders and transporters, but also it allows their partners to access opportunities to increase their activities while decreasing the time of delivery. The startup also provides live updates of the cargo’s journey.

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 players in the ecosystem (incubators, accelerators, investment funds, banks, etc.).

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