Chari raises undisclosed amount from Plug and Play

Fresh from securing $1 million from Orange Ventures in February 2023, Morocco-based B2B e-commerce platform Chari has secured an undisclosed amount from Plug and Play. This is the second round of investment from Plug and Play aftre its initial investment in 2020

Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari, an e-commerce platform for FMCG products, lets retailers purchase large quantities of inventory items directly from suppliers. The platform has onboarded over 20,000 food businesses and is currently present in Morocco, Tunisia and Ivory Coast.

According to Aziz El Hachem, North-Africa Director at Plug and Play in a statement, “Morocco’s startup scene is growing, with more and more companies securing funding at more advanced stages of growth. We’re thrilled to be part of this dynamic ecosystem, and we’re particularly excited about Chari who first caught our attention as part of our inaugural cohort in Morocco in partnership with the Mohammed VI Polytechnic University and Startgate. Ismael and Sophia are stellar entrepreneurs, and we’re confident that they will achieve great things.”

“We are excited to continue investing in Sophia and Ismael’s vision. With prior experience in building and scaling startups, we believe they are the right founders to build this company. We are confident that after raising from a great line-up of investors including Y Combinator, Rocket Internet, Endeavor Catalyst, Global Founders Capital, Harvard University Management Company, Orange Ventures, and Verod-Kepple, among others, Chari will continue to grow and establish itself as a market leader in the FMCG e-commerce space in Africa. We are thrilled to be a part of this success story and to renew our commitment to support Sophia, Ismael, and the Chari team in their journey.”

In a related development, Chari has recently become the first VC-backed startup to receive a payment license from the Central Bank of Morocco.