Chari, an FMCG-focused business-to-business (B2B) e-commerce startup based in Morocco, has raised an additional $1.5 million.
The funding was provided by Verod-Kepple Africa Ventures (VKAV), a partnership between the African growth capital private equity firm Verod Holdings and the Japanese venture capital firm Kepple Africa Ventures (KAV).
Ismael and Sophia Belkhayat, a husband and wife partnership, founded Chari in 2020 to make it possible for Moroccan proximity store owners to order things and have them delivered.
With a clear vision to dominate the region and develop additional services, Chari has already established itself as the top B2B e-commerce platform for FMCG products in Morocco. These services will give the company opportunities to expand its market share and develop new revenue streams, such as embedded fintech.
“We are thrilled to onboard VKAV as our partner as we establish a cutting-edge and fundamental financial services infrastructure for the mass market in our country. With VKAV’s extensive network across Africa and profound connections with the Japanese corporate society, we believe they will consistently bring value to our endeavors,” said Ismael Belkhayat.
Joining Chari’s board of directors is Ryosuke Yamawaki, who recently commented on the company’s potential to revolutionize the informal retail industry and reshape the definition of informal trade in Africa.
“We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world,” Yamawaki said.
In addition to expanding into Tunisia and the Ivory Coast, Chari has signed up over 20,000 food enterprises in Morocco.
Read more on Tech Gist Africa:
PrestaFreedom, a startup offering home services in Morocco, has secured US$1.1 million in funding
Terraa, a food tech startup based in Morocco, has raised $1.5 million in a pre-seed funding round
Chari, a B2B e-commerce firm in Morocco, receives $1 million from Orange Ventures