Chari, a Moroccan B2B e-commerce and fintech startup, has raised a seed round of $5 million, valuing the company at US$70 million and positioning it for growth throughout French-speaking Africa.
Chari, a graduate of Y Combinator’s S21 class, has raised $5 million in a seed round headed by Rocket Internet, Global Founders Capital, and P1 Ventures. Plug and Play, Y Combinator, Village Capital, MetLife Foundation, Orange Ventures, AirAngels, SPE Capital, Pincus Private Equity, Reflect Ventures, the Chandaria family, Propertyfinder founder Michael Lahyani, and an American Ivy League university’s management company are among the other investors in the round.
Chari.ma, a Moroccan startup founded by Ismael and Sophia Belkhayat last year, allowing traditional neighborhood store owners to order things and have them delivered. It works with more than half of Casablanca’s proximity retailers and recently announced the acquisition of Karny.ma, a mobile credit book application, in order to provide new services to its consumers.
“We carefully selected the seed round’s venture capitalists based on their abilities to assist us in building a successful firm.” “We’re now concentrating on meeting our short-term goals of raising a substantial Series A in the next six to nine months,” Ismael Belkhayat said.
Chari was valued at US$70 million in the post-YC fundraising round, which took four weeks to close. It will be used to extend Chari and Karny across French-speaking Africa, as well as to integrate financial services such as digital payment, money transfer, and BNPL into Chari’s product roadmap.