UM6P Ventures, the investment arm of Mohammed VI Polytechnic University, has revealed its strategic investment in the e-commerce startup Chari, aiming to enhance financial inclusion and digital accessibility across Africa.
In a joint statement, UM6P Ventures and Chari announced their collaborative partnership with the goal of creating a framework conducive to financial inclusion, fostering sustainable growth, and promoting the harmonious development of entrepreneurial ecosystems.
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The investments made by UM6P Ventures will be directed towards strengthening the capacities of both Moroccan and broader African ecosystems to address significant challenges. Yassine Laghzioui, CEO of UM6P Ventures, stated that this investment, in line with their broader digital transformation strategy, specifically targets challenges in Retailtech.
Expressing contentment with the partnership, Ismael Belkhayat, CEO of Chari, highlighted the startup’s intention to leverage the funds to establish itself as a leader in B2B e-commerce, offering integrated finance solutions in Francophone Africa. Belkhayat emphasized the startup’s commitment to geographical expansion and the development of Fintech services, enabling local businesses to access and provide various financial services.
Chari, operating in Morocco, Tunisia, and Ivory Coast, aims to digitize the entire distribution value chain through its B2B e-commerce application. The startup gained international recognition in May when it secured the 10th position on the Financial Times’ list of the fastest-growing businesses in Africa. Since its founding in 2018, Chari has experienced remarkable growth, with revenue increasing from $200,000 in its inaugural year to $1.8 million in 2021, achieving an impressive compound annual growth rate of 92%, according to the Financial Times.
Chari ecommerce Chari ecommerce
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