Chari, a Moroccan B2B e-commerce company, received an extra $1 million in funding from Endeavor Catalyst as part of its series A extension.
The most recent funding comes from Chari’s Series A round.
Chari is an e-commerce app started in 2014 and aimed at small grocery stores in French-speaking African countries.
It was founded in 2020 by Ismael Belkhayat, a former strategy consultant for Boston Consulting Group, and Sophia Alj, a former strategy consultant for McKinsey.
The Start-up lets its users buy consumer goods and gives them access to convenient ways to pay for them.
Ismael Belkhayat, one of the co-founders of Chari, said, “It’s good to see that well-known foreign investment funds are interested in Moroccan startups. This suggests that the Moroccan startup scene will grow quickly.”
Chari is an online business platform that lets people buy and sell goods—having Endeavor Catalyst as one of our investors is a great honor. They join investors like Y Combinator, Orange, Rocket Internet, and even Harvard University’s endowment.
With this capital round, which is subject to approval from the Central bank, the Moroccan startup can buy Axa Credit and strengthen its growth across Africa. It can also start to move into fintech.