Plug and Play is excited to announce its second investment in Chari, the leading business-to-business (B2B) e-commerce platform for fast-moving consumer goods (FMCG) products in Morocco and Francophone Africa.
The startup scene in Morocco is experiencing remarkable growth, with numerous companies securing funding in advanced stages of growth. Plug and Play is thrilled to be a part of this dynamic ecosystem, and they have particular enthusiasm for Chari, who initially caught their attention as part of their inaugural cohort in Morocco. This partnership was established in collaboration with the Mohammed VI Polytechnic University and Startgate. Aziz El Hachem, North-Africa Director at Plug and Play, praises Ismael and Sophia, the stellar entrepreneurs behind Chari, expressing confidence in their ability to achieve great things.
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In developing countries, the FMCG markets are characterized by a fragmented network of independent traditional proximity stores, which constitute approximately 80% of the consumption market. Recognizing the significant opportunity to revolutionize the operations and stock replenishment of these stores, Plug and Play first invested in Chari in 2020.
Currently, small grocery stores replenish their stock through wholesalers and distributor agents, a process that is inefficient and time-consuming. This inefficiency results in a lack of data for FMCG brands to evaluate their marketing campaigns and strategies for the final consumers. Chari addresses this issue by being the first purchasing center for FMCG products for traditional local shops. Through their e-commerce application, Chari offers the possibility to order products at lower prices and have them delivered within 24 hours. This allows FMCG brands to track their sales in the traditional trade sector, which is of paramount importance to these brands.
Chari has already gained significant traction in the market, establishing itself as the leading B2B e-commerce platform for FMCG products in Morocco. The company has a clear vision of becoming a regional player and expanding its services to capture further market share and create additional revenue streams, including embedded fintech. Notably, Chari has become the first venture capital-backed startup to receive a payment license from the Central Bank of Morocco.
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Plug and Play expresses excitement about continuing to invest in Sophia and Ismael’s vision. Given their previous experience in building and scaling startups, Plug and Play believes they are the right founders to lead this company. With support from a prestigious lineup of investors, including Y Combinator, Rocket Internet, Endeavor Catalyst, Global Founders Capital, Harvard University Management Company, Orange Ventures, Verod-Kepple, and others, Chari is expected to continue growing and solidify its position as a market leader in FMCG e-commerce in Africa. Plug and Play is proud to be part of Chari’s success story and is committed to supporting Sophia, Ismael, and the entire Chari team on their journey.
Plug and Play Tech Center is the foremost innovation platform that facilitates connections between startups, corporations, venture capital firms, universities, and government agencies. With its headquarters in Silicon Valley and a global presence in over 35 locations across five continents, Plug and Play offers corporate innovation programs and supports corporate partners at every stage of their innovation journey, from education to execution.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard