Morocco-based ecommerce startup Chari raises $1M from Orange Ventures
With this, Grégoire de Padirac, Partner of Orange Ventures Middle East and Africa, will join the supervisory board of the firm.
Morocco-based business-to-business (B2B) ecommerce startup raised $1 million from Orange Ventures.
With this, Grégoire de Padirac, Partner of Orange Ventures Middle East and Africa will join the supervisory board of the firm.
Orange group’s distribution know-how and skills would help them expand into the nations in which Orange operates, said Ismael Belkhayat, Co-founder and CEO of Chari.
Founded in January 2020 by Ismael Belkhayat and Sophia Alj, Chari is an embedded financing startup in the fast-moving consumer goods (FMCG) sector with an aim to change the supply system used by small businesses. With the help of a mobile app, clients can order all of the products they need at their point of sale with a few clicks in less than 24 hours.
In January 2022, Saudi-based Khwarizmi Ventures invested $100 million in Chari's bridge round. This was the first and only investment made by Khwarizmi in Morocco so far.
The app has also attracted over 20,000 food businesses in Morocco's major cities.
In 2021, Chari won the Middle East Africa Seed Challenge organised by Orange Ventures. The contest included over 500 technical entrepreneurs from Morocco, Egypt, Tunisia, Cameroon, Senegal, Ivory Coast, and Jordan.
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Edited by Akanksha Sarma