MOROCCO – Chari, a B2B e-commerce and fintech startup, becomes the first Moroccan startup to receive US$1 million (10.9 million MAD) from Endeavor Catalyst, an investment fund that is part of the Endeavor network.
Endeavor Catalyst’s investment is part of Chari’s Serie-A round. This funding round allows the Moroccan startup to strengthen its continental expansion and begin its shift to Fintech by financing the acquisition of Axa Credit, subject to central bank approval.
Present in Morocco since 2014, Endeavor Catalyst is the co-investment fund of the global network Endeavor. The chairman of Endeavor Catalyst’s investment committee is Reid Hoffman, co-founder and executive chairman of LinkedIn.
“It’s a good sign to see that renowned foreign investment funds are interested in Moroccan startups; this bodes well for a rapid take-off of the Moroccan startup scene,” Chari’s co-founder, Ismael Belkhayat, commented.
“It is a privilege to welcome Endeavor Catalyst among our investors, which thus joins other investors such as Y Combinator, Orange, Rocket Internet, or even Harvard University endowment.”
Chari is an e-commerce application for local grocery stores in Francophone African countries. It allows them to purchase consumer products and take advantage of payment terms. Chari was founded by Boston Consulting Group’s former strategy consultant, Ismael Belkhayat, and McKinsey’s ex-strategy consultant Sophia Alj in 2020.
In less than two years, Chari has succeeded in making its mark on the logistics and distribution landscape. Based on the start-up’s steadily growing results, global revenues are expected to reach $50 million by the end of 2022.
Morocco’s e-commerce startup recently received the “Disrupter of the Year ” award at the Africa CEO Forum in Abidjan, Côte d’Ivoire.
Endeavor Catalyst has already invested in more than fifty unicorns worldwide, including Glovo, Flutterwave, Brex, Cabify, and Checkout.com. In early 2022, Endeavor network selected Chari as one of 10% of Endeavor’s fastest-growing companies with the greatest impact on their communities.
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