Freight software is a sort of logistics software that is generally used for operations like shipment quoting, carrier selection and route planning, cargo monitoring, dispatching, and inventory management.
Freight software is used by many third-party logistics (3PL) companies to help them with their daily operations, making it an excellent business to invest in.
Freterium, a Moroccan business, is one such provider of this software, and it 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 United States, Europe, Asia, and Africa were among the participants.
Alami and CPO Omar El Kouhene founded Freterium, a YC-backed company, in 2020. The goal of the startup is to create a holistic strategy to solve the freight industry’s crucial backend concerns.
Freterium transport Management Software, according to the business, enables freight companies to handle shipments from the port to the plant, then items from the manufacturer to warehouses, B2B clients, and finally end-users.
Freterium software assists in the implementation and tracking of shipments by exchanging order details with parties engaged in the transaction.
After the shipment has been sent, retailers can monitor invoices from delivery companies, examine performance and service quality, and gain insight into redundancies inside their company.
According to the CEO, Freterium added more than 20 corporate clients in its first full year of operation, gaining 35 percent month over month. Its program is used by over 3,000 people.
The money will be used to invest in R&D, hire more employees to quadruple the startup’s existing team size within the next one year, promote the firm’s software, and spread across Egypt, Saudi Arabia, and the United Arab Emirates, according to Alami.
Techbuild’s Take
To coordinate their shipments, most African freight businesses still rely on old traditional means like spreadsheets, phone calls, and emails.
They are manual procedures that are both electronic and manual, making their work unproductive. Small and large logistics organizations now employ current freight software that has been regulated to meet the requirements and wants of customers and businesses, thanks to technological advancements.
It improves customer satisfaction as well as logistics performance. The freight software is effective in freight management, which entails the tactical improvement of transportation and freights. Maintenance of records, process tracking, cost containment, and inventory management are all part of freight management.
There’s also a monitoring tool, as well as event and prompted notices, in the freight management software. These aid in the effective management of a difficult system and the simplification of workflow. It offers third-party logistics (3PL) and other freight forwarding organizations a standardized solution.
It effectively responds to consumer inquiries and expectations while remaining cost-effective. For freight forwarding companies, freight management software with document customization and flexibility remains the favored alternative. Freight management software aids in the efficient running of logistics operations such as freight management, transportation, supply chain, warehousing, paperwork, and distribution.
Hence, with this funding, Freterium will expand into new locations and make shipping considerably easier and faster, allowing the freight software to grow.
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