The investment fund that is part of the worldwide Endeavor network, called Endeavor Catalyst, has been operating in Morocco since 2014, and they have decided to invest one million dollars in the Moroccan company called Chari.
According to Ismael Belkhayat, who was present at the event, “It is a positive indication to see that known foreign investment funds are interested in Moroccan businesses. This bodes well for a speedy take-off of the Moroccan startup ecosystem.”
Belkhayat, who helped found the company and currently serves as its chief executive officer, goes on to say that “It is a privilege to welcome Endeavor Catalyst among our investors.” Endeavor Catalyst now counts Y Combinator, Orange, Rocket Internet, and the management fund from Harvard University among its other investors.
Read also ECOWAS, Nigeria and Morocco Sign MoU for Nigeria-Morocco Gas Pipeline Megaproject
To be more specific, Endeavor Catalyst’s investment is a component of Chari’s Serie A type of fundraising. This fundraising will enable the Moroccan startup to consolidate its continental expansion and begin its shift towards fintech by financing the acquisition of the company Axa Credit, provided that the startup receives the approval of the central bank.
In addition, the Endeavor network had already selected Chari at the beginning of the year 2022 in its list of “outliers” companies, which are the 10% of Endeavor companies with the strongest growth and the greatest impact on their communities.
Read also Nigerian Fintech Startup TAP Raises $3M Seed Funding To Expand
In addition, the Endeavor network had already selected Chari at the beginning of the year 2022 in its list of “outliers” companies, which are the 10% of Endeavor companies with the strongest growth and the greatest impact on their communities. Need we point out that Endeavor Catalyst has already invested in more than fifty unicorns around the world, including Glovo, Flutterwave, Brex, Cabify, and Checkout.com?…
Chari is an e-commerce platform designed for local grocery stores in countries in Africa where French is the primary language. This application enables local grocery businesses to stock up on consumer items and take advantage of advantageous payment options.
Endeavor Catalyst Chari Endeavor Catalyst Chari
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. You can book a session and speak with him using the link: https://insightsbyexpert