The prolific ecommerce specialist is set to push its services into new territories, following a bridge investment led investors in the GCC and Africa.
Morocco’s Chari has been on a hot streak, making major moves in the regional e-commerce space. After a $5 million seed round and the acquisition of Moroccan ledger book, Karny.ma, in 2021, the startup has reached another milestone with the closing of a bridge round led by Saudi-based venture capital fund Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.
These new funds will be used to test BNPL services with Chari’s existing customer base, before acquiring a local credit company that will allow users to lend money to their end-users - a major boost to scaling their businesses.
The bridge gives these new investors a place at Chari’s existing cap table, joining the likes of Y Combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures and P1 Ventures. Managing Partner at Khwarizmi Ventures, Abdulaziz al-Turki commends Chari for its impactful work towards achieving financial inclusion, marking it as a key factor of investors’ trust in the startup.
‘Sophia and Ismael are visionary leaders that always make everyone around them think bigger every time they speak with them,” al-Turki said. “We believe that under their leadership Chari will help in improving the lives of millions in Africa through simplified financial solutions. We are proud of their mission and delighted to join their adventure’ concluded Abdulaziz al-Turki, Managing Partner at Khwarizmi Ventures.
Founded in January 2020 by Sophia Alj and Ismael Belkhayat, Chari is a recent graduate of the Y Combinator Summer 2021 batch. The FinTech startup works on digitising the fragmented FMCG Sector in Africa’s French-speaking countries. Through Chari’s app, convenience stories in Morocco and Tunisia have streamlined access to products, with orders processed and delivered in less than 24 hours.