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Morocco: fintech Chari succeeds in its biggest funding round and displays its pan-African ambitions

Morocco-based B2B e-commerce platform closed a $ 5 million funding round co-led by Rocket Internet, Global Founders Capital and P1 ventures.

“We are happy to lead the way for the emerging ecosystem of Moroccan startups. We hope this start-up cycle will be one of the first in a long series of notable seed funding in Moroccan Startups, ”said Sophia Alj, co-founder and COO of Chari.

Also participated in this fundraising as investors, Plug and Play, Combinateur Y, Village Capital / MetLife Foundation, Orange Ventures, Air Angels – Investors AirBnB, SPE Capital, Pincus Private Equity, Reflect Ventures, the family Chandaria, Michael Lahyani, CEO and Founder of Propertyfinder and the management company of an American Ivy League university.

For Chari co-founder and CEO Ismael Belkhayat, the startup has carefully selected the strongholds in this start-up cycle based on their ability to help build a great business. “We are now focused on achieving our short term goals of increasing a significant Series A in six to nine months.”

The post-YC (Y Combinator) funding lasted four weeks, and the fundraiser values ​​Chari at $ 70 million.

In a press release published this Wednesday, October 6, the startup announces that the funds collected will be used to extend Chari and Karny, its fintech application acquired last August, to all of French-speaking Africa. In addition, Chari plans to integrate financial services such as digital payment, money transfer and BNPL into its product roadmap.

Launched in January 2020 by the duo Ismael Belkhayat and Sophia Alj, Chari is a B2B e-commerce application allowing traditional local shops to stock up on all the products sold in their store with the promise of having them delivered. in less than 24 hours. It is currently used by more than ten thousand grocery stores in Morocco, according to official data. The box expects a turnover of more than 200 million dirhams (22 million dollars) for the year 2021.

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