Moroccan startup Freterium secures $4 million to boost MENA expansion
Freight software is a kind of logistics software that is generally used for operations such as shipping quotes, carrier selection and route planning, freight monitoring, shipping, and inventory management.
Freight software is used by many third-party logistics (3PL) companies to help them with their day-to-day operations, making it a great company to invest in.
Freterium, a Moroccan company, is one such provider of this software and has acquired $4 million in seed funding to expand across the country and into neighboring regions.
The round was led by Partech, a San Francisco-based investor. Y Combinator, CDG Invest, Flexport, Swiss Founders Fund, Outlierz Ventures and a few angel investors from the US, Europe, Asia and Africa were among the attendees.
Alami and CPO Omar El Kouhene founded Freterium, a YC-backed company, in 2020. The startup’s goal is to create a holistic strategy to solve critical issues in the freight industry.
Freterium transportation management software, according to the company, allows freight companies to manage shipments from port to factory, then items from manufacturer to warehouses, to B2B customers and finally to end users.
Freterium software assists in the implementation and tracking of shipments by exchanging order details with the parties involved in the transaction.
Once the shipment has been sent, retailers can monitor invoices from delivery companies, review performance and quality of service, and gain insight into layoffs within their business.
According to the CEO, Freterium added more than 20 enterprise customers in its first full year of operation, growing 35% month over month. Its program is used by more than 3,000 people.
The money will be used to invest in R&D, hire more employees to quadruple the size of the startup’s existing team within a year, promote the company’s software and expand to Egypt, Saudi Arabia and in the United Arab Emirates, according to Alami.
To coordinate their shipments, most African freight companies still rely on old traditional means like spreadsheets, phone calls and emails.
These are both electronic and manual manual procedures, making their work unproductive. Small and large logistics organizations are now using current freight software which has been regulated to meet the requirements and wishes of customers and companies, thanks to advances in technology.
It improves customer satisfaction as well as logistics performance. Freight software is effective in managing freight, which involves the tactical improvement of transportation and freights. Record keeping, process tracking, cost control, and inventory management are all part of freight management.
There is also a monitoring tool, as well as event and prompt notices, in the freight management software. These help in managing a difficult system efficiently and simplifying the workflow. It offers third-party logistics (3PL) and other freight forwarding organizations a standardized solution.
It responds effectively to consumer demands and expectations while remaining profitable. For freight forwarding companies, freight management software with document customization and flexibility remains the preferred alternative. Freight management software facilitates the efficient running of logistics operations such as freight management, transportation, supply chain, warehousing, paperwork, and distribution.
Therefore, with this funding, Freterium will expand to new locations and make shipping considerably easier and faster, allowing freight software to grow.
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