Moroccan B2B e-commerce player, Chari, seizes $1.5m in funding

Moroccan B2B e-commerce player, Chari, seizes $1.5m in funding

Chari, a Morocco-based company specialising in B2B e-commerce, is making considerable strides in the African market.

Chari has successfully raised $1.5m, with Verod-Kepple Africa Ventures (VKAV) leading the investment round. In a bold move, VKAV’s partner, Ryosuke (Rio) Yamawaki, will also join the company as a Strategic Advisor, emphasising VKAV’s commitment to Chari’s vision and expansion plans.

Chari has emerged as a game-changer in the region by capitalising on the largely informal retail shops that constitute over 80% of Morocco’s fast-moving consumer goods (FMCG) trade. This sector, prevalent across many African countries, often faces hurdles due to multiple intermediaries, insufficient digitalisation, and scarce access to trade finance. Chari offers a revolutionary model, supplying essential goods and services more efficiently and economically to these informal retail shops.

The newly-acquired funding will aid Chari in its ambitious mission to transform the informal retail sector, driving economic growth in the region. Chari aims to leverage VKAV’s widespread African network and profound connections within the Japanese corporate society to deliver cutting-edge financial services infrastructure to the mass market.

VKAV’s commitment doesn’t end with the financial investment. Yamawaki’s role as a strategic advisor underscores the firm’s investment in Chari’s growth and commitment to the broader African economy. By uniting their efforts, the partnership will facilitate Chari’s growth plans and continue to push the development of its groundbreaking financial services infrastructure.

Chari CEO and Co-founder Ismael Belkhayat said, “We are thrilled to onboard VKAV as our partner as we establish a cutting-edge and fundamental financial services infrastructure for the mass market in our country. With VKAV’s extensive network across Africa and profound connections with the Japanese corporate society, we believe they will consistently bring value to our endeavours.”

Ryosuke (Rio) Yamawaki, Partner at VKAV, echoed these sentiments, saying, “Chari is uniquely positioned to transform the informal retail sector and redefine the category of informal trade in Africa. We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world.”

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