Morocco’s CloudFret closes $2.1m round to drive expansion

Points clés à retenir

Transport touches on almost every sector of the African economy and is crucial to its development. Within the industry, the trucking and logistics market accounts for almost 80% of transported goods but players in this space often grapple with challenges caused by fragmentation and lack of transparency. With digitization, venture-backed startups such as CloudFret solve this problem while tapping into the lucrative industry. Despite a sustained period of decline over the last few years, affected by a fall in oil prices and geopolitical strife, the Middle East and Africa are fast becoming a region of logistics and supply chain opportunity. Cargo volumes are estimated to double in most countries of the region. At such levels, several challenges and opportunities arise, for airports, seaports, freight & forwarding, and logistics players. To put a figure on the opportunity, available data estimates the Middle East & Africa transport and logistics market size at $153.79 billion in 2023, a figure expected to reach $209.32 billion by 2029, growing at a CAGR of more than 6.36% during the forecast period.