Chari, a Morocco-based B2B e-commerce startup with embedded financing for the FMCG sector, has secured further funding worth US$1.5 million from Verod-Kepple Africa Ventures (VKAV) to support its growth plan. Founded in 2020 by husband and wife team Ismael and Sophia Belkhayat, Chari allows traditional proximity store owners in Morocco to order products and have them delivered. The platform has onboarded over 20,000 food businesses in Morocco, and expanded into Tunisia and Ivory Coast. In February it raised an additional US$1 million from Orange Ventures, Orange’s venture capital investment arm, and in June it announced follow-on funding from Plug and Play. The startup recently became the first VC-backed startup to receive a payment license from the Central Bank of Morocco.

Source: The North Africa Journal July 04, 2023 15:02 UTC