Moroccan startup Chari raised $1M funding

Chari, a B2B e-commerce platform founded in 2014 and aimed at small grocery retailers in African French-speaking countries, has secured an additional $1 million in funding as part of its Series A round extension.

Chari raised in the past more funding valuing it at $70M.

The funding comes from Endeavor Catalyst and will allow Chari to strengthen its continental development and expand into fintech by financing the acquisition of Axa Credit, subject to approval from the central bank.

Co-founded by Ismael Belkhayat, a former strategy consultant for Boston Consulting Group, and Sophia Alj, a former strategy consultant for McKinsey, Chari enables users to make purchases of consumer goods and access advantageous payment arrangements. Belkhayat stated that the interest from foreign investment funds in Moroccan startups is a positive sign for the growth of the Moroccan startup scene.

Chari has also received investment from notable investors such as Y Combinator, Orange, Rocket Internet, and Harvard University’s endowment fund.