Moroccan retail-tech startup, Chari.ma, seems to understand the route most of African unicorn startups have often followed. And so, it has increased the tempo of its fundraising operations. The last valuation of the startup was in October this year when the startup weighed $70 million, following the $5m funding that was poured into the company by the likes of Rocket Internet, Global Founders Capital, and P1 ventures, with participation participation from new and existing investors including Plug and Play, Y combinator, Village Capital / MetLife Foundation, Orange Ventures, Air Angels — Airbnb investors, SPE Capital, Pincus Private Equity, Reflect Ventures, The Chandaria family, Michael Lahyani, CEO and founder of Propertyfinder, and the management company of an American Ivy League University.
Now Chari is shooting up this valuation once again, following a recent round of investment — not disclosed — which has catapulted the startup co-founded by Ismael Belkhayat to $100 million in valuation.
Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors) and Afri Mobility, the venture capital arm of Akwa Group participated in the latest investment which the startup tagged “bridge” round”.
With the latest investment, Chari will test its BNPL (buy now, pay later) services with its existing clients.
Read also Moroccan Logistics Startup, Chari.ma, Raises $5m Seed Funding Led By Rocket Internet
If successful, Chari will acquire a local credit company to enable store owners to lend money to their end users and further grow their business, said Ismael Belkhayat, CEO of Chari.
“We believe Chari will help improve the lives of millions of people in Africa through simplified financial solutions,” said Abdulaziz Al-Turki, Managing Partner at Khwarizmi Ventures.
A Look At What Chari.ma Does
Chari is a B2B startup that collaborates with FMCG multinationals and local producers to provide goods to mom and pop shops in under 24 hours. It was launched in January 2020 by husband and wife Ismael Belkhayat and Sophia Alj. Before joining the ranks of STATION F in Paris, Chari was incubated within the family-owned H&S Invest Holding. More than 10,000 grocery businesses in Morocco already use it.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer