Chari announced a closing round of bridge financing led by Khwarizmi Ventures, a Saudi-based venture capital firm, AirAngels and AKWA Group’s venture capital arm Afri Mobility. The bridge round will allow the new participants to join the existing cap table, which includes Rocket Internet and Y Combinator as well as Plug n Play, Global Founders Capital and Village Capital, Harvard University Management Company, P1 Ventures and other.
Chari is a B2B fintech startup and e-commerce platform. It aims to digitize fragmented FMCG sectors across francophone Africa. You can order products from traditional convenience stores in Tunisia or Morocco through Chari App and get them within 24 hours.
Chari is a recent grad of the Y Combinator 21. Sophia Alj, Ismael Bekhayat and Chari founded the company in January 2020. The startup raised $5 million in seed funding to acquire Karny.ma, a Moroccan startup. Chari gained valuable information from the acquisition of Karny.ma’s Moroccan credit book app about loans that grocery stores give to customers. Chari can credit-assess shop owners who aren’t banked and determine the best payment terms.
Chari CEO Ismael Bekhayat stated that the company will use the bridge to test the BNPL service with existing customers. Chari will acquire a local business that allows shop owners to lend money directly to end-users and further expands the business if they achieve success.