Freterium raises $4 million Seed
- Morroco-based digital trucking software startup Freterium, has raised $4 million in a Seed round led Partech, with participation from Y Combinator, Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and angels from the US, Europe, Asia, and Africa.
- Founded in 2020 by Mehdi Cherif Alami (CEO) and Omar El Kouhene (CPO), Freterium connects shippers to the different parties involved in the logistics ecosystem, enabling all supply chain actors to collaborate easily and verify order traceability. The startup currently works with over 20 enterprises and caters to more than 3,000 users.
- The startup plans to use the funds to invest in its tech and product development to fuel growth and serve more companies in Africa and the Middle East.
Morocco-headquartered Transport Management Software provider Freterium announced today 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 U.S., Europe, Asia, and Africa also participating.
Launched in Morocco in 2020, Freterium has experienced fast growth in 2021 and has opened a new office in the UAE to address neighboring markets in the region. Their product, a new-generation Transport Management Software, 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 in just a few clicks on Freterium´s slick and intuitive interface.
Freterium´s co-founders, Mehdi Cherif Alami, CEO, and Omar El Kouhene, CPO, have previously worked in consulting and logistics, helping global and local players with their strategy and operations. “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 Morocco-based T&L Tech startup currently has 20+ enterprise customers and more than 3,000 users of its software 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 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” 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.