Casablanca - After completing the summer‘21 batch of Y Combinator, Chari announces the closing of a 5M USD seed round co-led by Rocket Internet, Global Founders Capital, and P1 ventures.
Some of the other investors who participated in this round are
Plug and Play
Village Capital / MetLife Foundation
Air Angels - AirBnB investors
Pincus Private Equity
The Chandaria family
Michael Lahyani, CEO and founder of Propertyfinder
and the management company of an American Ivy League University
This is the first time many of these investors, including GFC, PnP, Orange, Village Capital… have invested in a startup in Morocco.
‘We have carefully selected the VCs of this seed round based on their ability to help us build a great business. We are now focusing on achieving our short-term targets to raise a significant Serie A in six to nine months’ said Ismael Belkhayat, Cofounder and CEO of Chari, and a Cornell University and BCG Alumni.
The post YC funding took four weeks to close, and the round values Chari at $70 million. The investor’s excitement to Chari comes as the startup addresses the procurement issues of the 300k grocery stores of Morocco and Tunisia. ‘
We are happy to lead the way of the nascent Moroccan startup ecosystem. We hope that this seed round will be one the first of a long series of noticeable seed funding in Moroccan Startups’ said Sophia Alj, Cofounder and COO of Chari, and a McGill University and McKinsey Alumni.
Chari partners with FMCG Multinationals and local manufacturers to distribute their goods to local mom and pop shops in less than 24h. It also provides payment facilities and financial services through the recent acquisition of www.Karny.ma
The money raised will be used to expand Chari and Karny to French-Speaking Africa. In addition, Chari plans to embed financial services such as digital payment, money transfer and BNPL in its product roadmap.
Chari is an eCommerce platform for grocery stores. It allows the shop owners to order anything they sell in their shops and get delivered on the next day. Chari has a footprint in Morocco and Tunisia and is building the e-commerce platform for all the retailers across French Speaking Africa. It was founded in early 2020 by the wife and husband Sophia Alj and Ismael Belkhayat, two regional Endeavor Entrepreneurs, graduates from McGill and Cornell University and ex-strategy consultants from McKinsey and BCG. Chari has been named startup of the year 2020 by the French Telecom Operator Orange. In 2021, Chari got accelerated by Plug n Play, Station F and Y Combinator before announcing the acquisition of the Moroccan fintech credit book www.Karny.ma
Cntact for enquiries
+212 6 63 64 64 64
+33 6 06 63 63 64
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.