Chari, a Moroccan B2B e-commerce startup, has raised a $1 million series A extension from Endeavor Catalyst. The latest investment is part of Chari’s Serie-A round.
This funding round allows the Moroccan startup to strengthen its continental expansion and begin its shift to fintech by financing the acquisition of Axa Credit, subject to central bank approval.
Founded in 2014, Chari is an e-commerce application for local grocery stores in Francophone African countries. It allows them to purchase consumer products and take advantage of payment terms. Chari was founded by Boston Consulting Group’s former strategy consultant, Ismael Belkhayat, and McKinsey’s ex-strategy consultant Sophia Alj in 2020.
Chari’s co-founder, Ismael Belkhayat said: “ it’s a good sign to see that renowned foreign investment funds are interested in Moroccan startups; this bodes well for a rapid take-off of the Moroccan startup scene. It is a privilege to welcome Endeavor Catalyst among our investors, which thus joins other investors such as Y Combinator, Orange, Rocket Internet, or even Harvard University endowment.’’
