Freterium, a Moroccan startup, has acquired $4 million in seed funding to accelerate growth and service additional businesses across Africa and the Middle East.
Partech led the round, with participation from Y Combinator (Freterium was a part of the S21 cohort), Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and US, European, Asian, and African business angels.
Freterium, founded in 2020 by Mehdi Cherif Alami and Omar El Kouhene, has developed transport management software that enables shippers to engage in real time with the complete logistics ecosystem, thereby reducing shipping time and costs. It has over 20 commercial customers and over 3,000 users at the moment.
In 2021, the firm enjoyed rapid growth and launched an office in the United Arab Emirates (UAE), and it is currently anticipating more expansion following the receipt of US$4 million in venture capital.
“This US$4 million fundraising round demonstrates our unique concept and approach, the strengths of our team, and the enormous market opportunity.” We are indebted to the greatest investors who share our vision and principles. The timing is ideal for us to expand our goods throughout the region and beyond. For the majority of businesses, logistics issues have evolved into a topic of discussion in the boardroom. We have already earned the trust of industry leaders, and we look forward to putting our product in the hands of numerous small and major businesses who require our services,” Alami stated.
Freterium will use the money to expand its technology and product development capabilities in order to accelerate expansion and serve additional businesses in Africa and the Middle East. It intends to double the team’s size within the next 12 months.
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