Investment

Fretefy raises $1M from Lorinvest

LatAm List Fretefy, a Brazilian logistics startup, recently raised a $1M (R$5M) funding round from Lorinvest, a Rio de Janeiro-based VC fund. 

Fretefy is one of many startups looking to reinvent the traditionally slow and inefficient delivery services in Latin America that can no longer cope with increased demand due to online commerce. Through cargo and fleet management services, the startup effectively reduces the wait time on logistics operations by up to 30%.

The online platform provides real-time tracking, delay notifications, and delivery status reports to customers and fleet managers through its dashboards. The startup also developed an app for drivers which allows them to arrange their own pickups and drop-offs directly with the retail companies and freight forwarder.

Fretefy will use the funding to expand operations throughout Brazil and to hire more staff in São Paulo and Curitiba. According to the company, Fretefy is set to grow up to 10 times more than it had planned in 2020.

Read more on Gazeta do Povo.

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