SaaS platform Cloudfret raises $1 million at a $20 million valuation

Oluwajuwonlo Afolabi -

Cloudfret, a Morocco-based software-as-a-service (SaaS) company has raised $1 million to support its operation expansion.

  • The funds will be used to expand its team, build out new services and increase its presence in African and European markets, it claims.
  • Launched in 2021, Cloudfret links shippers to a large network of carriers in Africa and Europe, with 58 freight customers onboarded and 4,000 vehicles on target.
  • The new funding round brings the SaaS firm to $20 million in valuation.
  • The round was led by Plug and Play Ventures ICAV, Azur Innovation Fund, AfriMobility, and angel investor Khalid Zitouni.