Morocco-based transport management software startup, Freterium, has raised $4M in its latest funding round which 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 U.S., Europe, Asia, and Africa also participating.
Launched in Morocco in 2020 by co-founders Mehdi Cherif Alami, CEO, and Omar El Kouhene, CPO, Freterium experienced rapid growth in 2021 and opened a new office in the UAE to address neighbouring markets in the region.
The startup’s product, a new-generation Transport Management Software, connects shippers with their entire logistics ecosystem to collaborate in real-time, helping reduce time and shipping costs.
According to Statista, the global logistics industry was worth $8.6 trillion in 2020.
Transport and logistics has been one of the most anticipated sectors in 2021 and has gained exceptional investor traction across the Middle East, Africa, Pakistan and Turkey, with a 460% YoY growth in funding across emerging venture markets.
“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.” says Mehdi Cherif Alami.
With this funding round, Freterium has become one of the most-funded startups in the emerging Moroccan ecosystem. The Morocco-based transport and logistics startup currently have over 20 enterprise customers and more than 3,000 users of its software. The newly acquired funds will be invested in Freterium’s 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” commented Cyril Collon, General Partner at Partech.
“The value proposition of Freterium is unique and we are convinced that their product will significantly impact the industry. It’s a Moroccan gem that we are proud to support in its development and growth.” concluded Yassine Haddaoui, Managing Partner at CDG Invest.
Read more: Partech launches accelerator to help European startups expand to Africa
Featured image: Freterium
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