Chari, a Moroccan-based B2B eCommerce startup has announced that a bridge round was closed by Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), Afri Mobility and Khwarizmi Ventures, the Saudi-based venture capital firm. The startup’s value has increased to $100 million with the new investment.
Chari was founded by Sophia Alj in January 2020 and Ismael Bekhayat in February 2020. It is a B2B eCommerce startup and fintech startup that digitizes the fragmented FMCG industry in French-speaking Africa.
The app allows traditional convenience stores in Morocco or Tunisia to order all products and receive them within 24 hours. The startup was recently awarded the Y Combinator Summer21 batch.
The startup announced in October 2021 a USD 5M seed round and the acquisition of Karny.ma. Karny.ma was a Moroccan ledger system with more than 50 thousand users.
Chari gained valuable information about the loan terms that grocery stores gave their customers through the recent acquisition of Karny.ma, a credit book app. Chari can credit-assess unbanked store owners and determine the best payment terms.
“We will use this bridge round money to test the BNPL service with existing customers. Chari will purchase a local credit agency to allow shop owners to lend money and grow their businesses after achieving success,” announced Ismael Bekhayat, CEO of Chari and Cornell University Alumni.
“Sophia, Ismael and their visionary leadership make every person they meet think bigger. Chari, under their leadership, will make a difference in the lives of millions of people in Africa by simplifying financial solutions. Abdulaziz Al-Turki (Managing Partner, Khwarizmi Ventures) said that they are proud of their mission. He added that they were delighted to be a part of their adventure.