Freterium Raises $4m Seed Round
The Moroccan transport management software provider connects shippers with the entire logistics ecosystem to collaborate in real time, helping them cut time and shipping costs. It currently has more than 20 enterprise customers and over 3,000 users.
Freterium said it has closed a US$4 million seed round in December, which it will use to fuel growth and serve more companies across Africa and the Middle East.
The startup experienced fast growth in 2021 and opened an office in the United Arab Emirates (UAE), and it is now planning further expansion after securing US$4 million in seed funding. The round was led by Partech, with Y Combinator (Freterium took part in the S21 batch), Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures and business angels from the United States (US), Europe, Asia and Africa also participating.
Freterium will use the funding to invest in its tech and product development to fuel growth and serve more companies in Africa and the Middle East. It is planning to double the size of the team within the next 12 months.
Mehdi Cherif Alami , Freterium Co-founder said: “This US$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.”
Cyril Collon, general partner at Partech, said his firm had been looking closely at the freight trucking market in Africa and the Middle East, which is worth US$250 billion, for the past five years.
“Eighty-five per cent 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. We are excited to support them in their mission to empower manufacturers, retailers and logistics teams across Africa,” Collon added.