Freterium, the Moroccan startup company has raised a $4 Million seed round to scale its operations in the country and some parts of the North Africa and Middle East region [MENA].
The seed round was led by Partech and other venture capital companies such as Y Combinator, Flexport and Swiss Founders Fund just to mention a few.
This follows most of the companies in the region still uses old school methods such as emails, phone calls and spreadsheets to manage their shipments.
The company’s CEO Mehdi Cherif Alami said, “We’re building a logistics operating system to allow the shippers, our customers to manage all of their domestic shipments on a single interface. So we connect organizations, people and technologies across the entire logistics value chain.”
“And our main product is transport management software for shippers enables multi-enterprise collaboration. But also, very importantly, it’s platform-agnostic. So we are a neutral software that plays nice with everyone. We’re kind of the Switzerland of logistics, in that sense,” he added.
Speaking about the Investments they injected in the company, Partech general partner Cyril Collon said, “We have been looking closely at the freight trucking market in Africa and the Middle East for the past five years, a market worth $250 billion. 85% of the volume is carried through established legacy partnerships between shippers and carriers and still run with manual, inefficient tools.”
“Freterium has built a holistic approach to solving the key challenges of the industry and we are excited to support them in their mission to empower manufacturers, retailers and logistics teams across Africa.”
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