Saas Startup Freterium Nets $4M For Its Trucking Software
Morocco-based Freterium raises $4M in a seed funding round to expand its freight trucking software across MENA
In the Middle East and Africa, the freight industry still works in an old-fashioned way. Such as recording its data in outdated spreadsheets, and managing its shipments via phone calls and emails. These manual processes reduce the efficiency of work. Whilst some companies have pioneered various enterprise resource planning (ERP) systems to automate and digitize their processes.
But still, the industry which is expected to reach the value of USD 315.56 Bn in the year 2027. And is growing at the CAGR 4.37% the single ERP or three to four software to complete the work are not enough. Preferably, there should be one software capable of completing all tasks from recording data to connecting with manufacturers and distributors to logistics providers. This can help in reducing the cost and time period for freight companies. So there is however one Moroccan startup Freterium that is trying to facilitate the companies with its single software. It has also recently fetched an investment of $4 million in seed funding to expedite its development all across the country.
The startup gathered funding from prominent investors in a round led by Partech with the participation of Y combinator, Flexport, Outlierz Ventures, Swiss Founders Fund. Few angel investors from Europe, Asia, and Africa also participated in the event.
Freterium is not the first transport startup in the Middle East to receive money. Last year, a startup that connects the shippers with trucks called ShipBlu also raised 2.4 million in seed funding.
But a SaaS solution to manage the flow of these shipments as well as collaborate internally with various departments within the company such as sales, finance, and customer service are very few. But the Freterium’s product is one of them and can be termed as new generation Transport Management Software which allows the shippers to connect with logistics to facilitate collaboration in real-time.
Thus helping them in cutting their costs and time. The startup aims to target any company that delivers products on a daily basis such as manufacturers, sellers, distributors, retailers, and logistics providers across industries. And aims to facilitate them in managing all their shipments in just a few clicks.
Launched in Morocco in 2020, by Mehdi Cherif Alami, and Omar El Kouhene the startup has witnessed huge growth last year. And two main reasons that have caused investors to invest in a startup is its growth and also its unique model of business.
As Mehdi Cherif Alami CEO and founder of the company said
“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.”
With this funding, the startup has achieved the status of one of the most funded startups in Morroco. The Saas startup wants to use this funding for expanding its market.