Morocco’s B2B e-commerce startup Chari has raised $1 million from Endeavor Catalyst as part of its Series A funding round.
The investment will enable the 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 2020 by Sophia Alj and Ismael Belkhayat, Chari aims to digitise the retail value chain in Francophone Africa. It offers a marketplace and embedded finance platform that connects informal stores and retailers to FMCG suppliers.
Present in Morocco since 2014, Endeavor Catalyst is the co-investment fund of the global network Endeavor. The chairman of Endeavor Catalyst’s investment committee is Reid Hoffman, co-founder and executive chairman of LinkedIn.
Chari’s co-founder, Ismael Belkhayat while commenting on the investment round 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.’’
Endeavor Catalyst has already invested in more than fifty unicorns worldwide, including Glovo, Flutterwave, Brex, Cabify, and Checkout.com. In early 2022, Endeavor network selected Chari as one of 10% of Endeavor’s fastest-growing companies with the greatest impact on their communities.
In less than two years, Chari has succeeded in making its mark on the logistics and distribution landscape. Based on the start-up’s steadily growing results, global revenues are expected to reach $50 million by the end of 2022.
