Moroccan Startup Chari Secures $12m in Series A Funding to Power Retail and BaaS Growth
Moroccan startup Chari has successfully closed a significant $12 million Series A funding round, marking a pivotal moment for the company. This substantial capital infusion is set to propel Chari’s growth in both the retail sector and its evolving Banking-as-a-Service (BaaS) offerings. The achievement underscores an exciting phase for the enterprise, which is dedicated to empowering small shop owners across Morocco by leveraging technology to streamline their operations and foster business expansion.
# Chari’s Evolution and Strategic Investment for African Commerce
Founded in 2020 by visionaries Ismael Belkhayat and Sophia Alj, Chari began its journey by providing small retailers with essential tools to manage online orders and deliveries more efficiently. Demonstrating rapid development, the company has since expanded its services significantly beyond mere logistics. Today, Chari offers a comprehensive suite of digital tools and critical credit facilities to its merchant network, simplifying daily shop management and actively contributing to their sustained growth. This strategic expansion into financial services highlights Chari’s ambition to transform local commerce and enhance financial accessibility for traditional businesses within the Moroccan market.
The impressive $12 million Series A funding round attracted a diverse and prominent group of investors. Leading this investment were SPE Capital, a distinguished private equity firm with roots in Tunisia, and Orange Ventures, the venture capital arm of a major global telecommunications entity. Further demonstrating robust investor confidence in Chari’s innovative model were contributions from other key participants, including Verod-Kepple Africa Ventures and Plug and Play. This strong investor coalition reflects both significant regional interest in African tech innovation and global recognition of Chari’s potential to revolutionize the retail and BaaS landscape across the continent.
This successful Series A round positions Chari for accelerated development, enabling it to further enhance its technological platform and broaden its market reach. By continually equipping small businesses with advanced digital tools and crucial financial services, Chari is poised to drive substantial advancements within Morocco’s retail ecosystem and solidify its position as a key innovator in Africa’s dynamic tech scene.
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