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# SaaS platform Cloudfret raises $1 million at a $20 million valuation
- URL: https://www.techloy.com/cloudfret-raises-1-million-for-operation-expansion/
- Published: 2022-05-26T17:49:42.000Z
- Updated: 2022-12-08T00:58:20.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: Mobility, Logistics, Morocco

[Cloudfret,](https://cloudfret.com/) a Morocco-based software-as-a-service (SaaS) company has raised $1 million to support its operation expansion. 

- The funds will be used to expand its team, build out new services and increase its presence in African and European markets, it claims.
- Launched in 2021, Cloudfret links shippers to a large network of carriers in Africa and Europe, with 58 freight customers onboarded and 4,000 vehicles on target.
- The new funding round brings the SaaS firm to $20 million in valuation.
- The round was led by Plug and Play Ventures ICAV, Azur Innovation Fund, AfriMobility, and angel investor Khalid Zitouni.