Freterium, transport management software provider, announced that it has raised $4m in its latest funding round closed in December. The Seed round was led by Partech, with Y Combinator, Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and Business Angels from the US, Europe, Asia, and Africa also participating.
Launched in Morocco in 2020, Freterium has experienced fast growth in 2021 and has expanded the UAE to address neighboring markets in the region. Their product connects shippers with their entire logistics ecosystem to collaborate in real-time, helping them cut time and shipping costs. It is aimed at any company that delivers products on a daily basis: manufacturers, distributors, retailers, and logistics providers across industries can manage all of their shipments on Freterium’s interface.
“This $4 million funding round is an endorsement of our unique model and approach, our team’s capabilities and the tremendous market opportunity. We are grateful for the support of the finest investors that share our vision and our values. The timing is right to scale our product across the region and beyond. For most companies, logistics challenges have become a boardroom conversation. We are already trusted by leaders in their respective industries, and we look forward to putting our product at the disposal of many small and large players that need us,” Mehdi Cherif Alami, Co-Founder and CEO, said.
The startup plans to invest its newly acquired funds in its tech and product development to fuel growth and serve more companies in Africa and the Middle East. They are planning to double the size of the team within the next 12 months.
“We have been looking closely at the freight trucking market in Africa & the Middle East for the past 5 years, a market worth $250Billion. 85% of the volume is carried through established legacy partnerships between shippers and carriers and still runs with manual, inefficient tools. Freterium has built a holistic approach to solving the key challenges of the industry with a next-generation cloud-based Transport Management Software (TMS) allowing shippers to connect efficiently with their entire logistics ecosystem and collaborate in real time. We are excited to support them in their mission to empower manufacturers, retailers and logistics teams across Africa,” Cyril Collon, General Partner at Partech, stated.
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