Bridge round raised by Moroccan B2B e-commerce startup Chari, company at $100 M valuation

Chari, a Moroccan B2B e-commerce and financial business, has received a bridge round of investment worth US $100 million.

Chari, founded in 2020 by Ismael and Sophia Belkhayat, allows traditional Moroccan local business operators to purchase things and have them delivered. It now works with more than half of Casablanca’s proximity retailers, has expanded into Tunisia, and announced the purchase of mobile credit book service Karny in August.

After closing a bridge round led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group, the company raised a US $5 million seed round late last year and now aims to take serious steps into the fintech space after closing a bridge round led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni

Chari recently acquired the credit book app Karny, which provided it with important information on the loans granted by grocery businesses to their clients, allowing it to credit-assess unbanked shop owners and identify the best payment conditions for each.

“Chari will use the money from this bridge round to test the BNPL services with its existing customers. Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end-users and further grow their business” said Ismael Belkhayat, Chari’s CEO.

‘Sophia and Ismael are visionary leaders that always make everyone around them think bigger every time they speak with them. We believe that under their leadership Chari will help in improving the lives of millions in Africa through simplified financial solutions. We are proud of their mission and delighted to join their adventure,” said Abdulaziz al-Turki, managing partner at Khwarizmi Ventures.