Morocco’s Chari Obtains Funding from UM6P Ventures
The fintech lets retailers purchase large quantities of inventory items directly from suppliers.
Morocco-based B2B e-commerce and fintech startup Chari has secured undisclosed funding from UM6P Ventures, the investment arm of Mohammed VI Polytechnic University, according to an announcement. [1]
UM6P Ventures' investment will help the company develop its B2B e-commerce and embedded finance offerings. The announcement came with news of a partnership between UM6P and Chari to create a fintech academy to foster financial inclusion and sustainable development in Morocco's entrepreneurial ecosystem.
In May, Chari secured tenth place on the list of the fastest-growing businesses in Africa from the British magazine Financial Times.
Chari, which was founded in 2020 by Ismael Belkhayat and Sophia Alj, enables retailers to buy inventory items in bulk straight from suppliers.
In July 2023, Chari raised $1.5 million from Verof-Kepple Africa Ventures.
The second round of investment for Chari was from Plug and Play in May but the sum was not revealed.
In February, Chari raised $1 million from Orange Ventures.
UM6P Ventures, alongside partners from its extensive network of domestic and international programs, invests in pre-seed and seed digital transformation startups.
This article was updated on 22 November to reflect how the funds will be used.
