Morocco-based B2B e-commerce startup Chari, which offers embedded financing solutions for the FMCG sector, has secured funding from UM6P Ventures, the investment arm of Mohammed VI Polytechnic University.
UM6P Ventures, the investment fund of Université Mohammed VI Polytechnique (UM6P), is dedicated to fostering scientific innovation and entrepreneurship in Morocco and across Africa. The fund oversees two key initiatives, namely the Digital Transformation Fund and the Deeptech Projects Fund.
Chari, established in 2020 by the husband and wife team of Ismael and Sophia Belkhayat, is a Moroccan platform that empowers traditional neighborhood store owners to conveniently order products and have them promptly delivered.
Chari, the platform, has expanded its presence into Tunisia and the Ivory Coast while successfully onboarding more than 20,000 food businesses in Morocco.
Ismael Belkhayat, in his statement, revealed that the funding secured by Chari will be utilized to establish a dominant position in the B2B e-commerce sector, with a focus on integrating financial services. The company’s primary goal is to offer a wide array of financial services to local businesses, facilitating their access to essential financial resources.