Morocco's B2B e-commerce startup Chari has recently secured a new round of funding from UM6P Ventures, the investment arm of Mohammed VI Polytechnic University. Established in 2020 by the dynamic duo Ismael and Sophia Belkhayat, Chari specializes in providing embedded financing solutions for the Fast-Moving Consumer Goods (FMCG) sector.

Chari's innovative platform caters specifically to traditional proximity store owners in Morocco, facilitating seamless product ordering and delivery. Boasting an impressive reach, the startup has successfully onboarded more than 20,000 food businesses across Morocco and has also expanded its operations into Tunisia and Ivory Coast.

Having participated in the Y Combinator S21 batch, Chari has been on an upward trajectory, previously securing a US$5 million seed round in late 2021. The company has attracted successive investments, including a US$1 million funding round from Orange Ventures in February, followed by additional backing from Plug and Play in June, and a substantial US$1.5 million investment from Verod-Kepple Africa Ventures (VKAV) in July.

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With this recent injection of capital from UM6P Ventures, an initiative dedicated to fostering entrepreneurship and driving scientific innovation in Morocco and Africa, Chari aims to consolidate its position as a frontrunner in B2B e-commerce with embedded financial services. Ismael Belkhayat expressed the startup's commitment to empowering local businesses by providing access to diverse financial services, highlighting their aspiration to become a pivotal player in the sector.