Chari.ma - Afrikan Heroes

One Step Towards Unicorn: How Moroccan Retail-tech Chari Got $100m Valuation Within Three Months

January 22, 2022

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.

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.

Chari.ma logistics seed funding — *Chari.ma was founded by husband and wife Ismael Belkhayat and Sophia Alj. Credits: Chari.ma*

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.

Chari retail Chari retail

German Investor Makes More Inroads In Egypt As InsurTech Startup Amenli Raises $2.3m

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

Moroccan Logistics Startup, Chari.ma, Raises $5m Seed Funding Led By Rocket Internet

October 6, 2021

Chari.ma was founded by husband and wife Ismael Belkhayat and Sophia Alj.

Barely a month after acquiring Karny.ma, a Moroccan mobile credit book application, Moroccan logistics startup, Chari.ma, has raised $5m seed round co-led by 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.

Many of these investors, including GFC, PnP, Orange, and Village Capital, are making their debut investments in a Moroccan firm.

“‘We have carefully selected the VCs of this seed round based on their ability to help us build a great business. We are now focusing on achieving our short-term targets to raise a sigificant Serie A in six to nine months” Ismael Belkhayat, Cofounder and CEO of Chari highlighted.

Chari was valued at $70 million in the post-YC fundraising round, which took four weeks to close. The investor’s enthusiasm for Chari stems from the startup’s ability to solve the procurement needs of Morocco’s 300,000 grocery retailers.

Chari and Karny will be expanded to French-speaking Africa with the funds raised. Chari also intends to incorporate financial services such as digital payment, money transfer, and BNPL into its product roadmap.

“We’re excited to pave the way for Morocco’s budding startup sector. This seed round, we hope, will be the first in a long line of notable seed funding for Moroccan startups,” Sophia Alj, Chari’s Cofounder and COO, said.

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.

Chari.ma logistics seed funding Chari.ma logistics seed funding

German Investor Makes More Inroads In Egypt As InsurTech Startup Amenli Raises $2.3m

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

Moroccan Startup Chari.ma Beats Over 500 Startups To Win Orange Ventures’ MEA Seed Challenge

December 17, 2020

Moroccan startup Chari.ma has won the Middle East Africa Seed Challenge organized by Orange Ventures and in which more than 500 technological startups from many countries such as Morocco, Tunisia, Egypt, Senegal, Cameroon, Ivory Coast or Jordan participated.

*Ismael Belkhayat, co-founder and CEO of Chari.ma*

“We believe that Orange Ventures can bring a lot of synergies to the development of Chari.ma in Morocco but also in French-speaking Africa. Whether through the financial services offered by Orange Money or through the distribution of top-ups in local grocery stores, ”says Ismael Belkhayat, co-founder and CEO of Chari.ma.

Here Is What You Need To Know

The Orange Ventures Africa and Middle East investment teams carefully analyzed all the applications and decided to join the Chari.ma adventure. The national start-up thus becomes the first Moroccan technological startup to welcome in its tour de table the armed wing VC (Venture Capital) of the French telephone operator.
Launched in January 2020 by the duo Ismael Belkhayat and Sophia Alj, Chari.ma has been accelerated within the family holding HnS Invest Holding, which supports startups in distribution and logistics. Chari.ma aims to revolutionize the way in which local shops are supplied. It provides them with a mobile application allowing them to order all the products they need for their point of sale in just a few clicks, with a commitment to free delivery in less than 24 hours. The application has already won over more than ten thousand grocery stores in the main cities of the kingdom.
Regarding his investment in Africa, Jérôme Berger, CEO of Orange Ventures says:

“More than elsewhere, the difficulty of access to investment constitutes for entrepreneurs a brake on development in Africa, where investments are rarer and more frequent. focus on a few geographies, while the continent is teeming with opportunities and talents everywhere. Our initiative can help provide a solution for these talents and confirms our confidence in the innovation potential of local ecosystems in countries where Orange is present.”

Orange Ventures Opens Applications For Orange Ventures MEA Seed Initiative

Orange Ventures wants to expand this seed investment activity and is launching Orange Ventures MEA Seed. This initiative complements the historical activity of Orange Ventures on the continent and aims to finance 100 start-ups by 2025, mainly in the countries of Africa and the Middle East where Orange is present, and this from their early stages of development, with tickets of up to 200,000 euros.

“More than elsewhere, the difficulty of access to investment constitutes for entrepreneurs a brake on development in Africa, where investments are rarer and concentrated in a few geographies, while the continent is full of opportunities and opportunities everywhere. talents. Our initiative can help provide a solution to these talents and confirms our confidence in the innovation potential of local ecosystems in countries where Orange is present, ”explains Jérôme Berger.

“This initiative, which I welcome, is part of our strategy of openness and support for innovation players wherever we operate. It is essential for ecosystems to be able to rely on large groups capable of both investing and engaging with local entrepreneurs, especially in the current context. », Adds Alioune Ndiaye, Managing Director Orange Middle East and Africa.

The Orange Ventures MEA Seed initiative is open to start-ups in the new technology sector with a rapid growth profile, at the seed stage and operating mainly in one of the 18 countries of which Orange operates in Africa and the Middle East. Geographical proximity must maximize the impact of the support offered as well as the chances of collaboration with the entities of the Orange group.

Applications are now permanently open and can be submitted on the Orange Ventures website.

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