Moroccan e-commerce startup Chari has secured a second round of funding from Plug and Play, a Silicon Valley-based innovation network. The funding which is part of the startup's closed Series A round was not disclosed.
Chari connects small-scale retailers to fast-moving consumer goods (FMCG) manufacturers. The startup's platform helps traditional mom-and-pop stores streamline their order fulfilment processes and access financing. Chari has already onboarded over 20,000 food businesses in Morocco and expanded its operations to Tunisia and Ivory Coast in 2022.
Chari's business model aims to consolidate the fragmented network of traditional retail stores that dominate FMCG markets in developing countries. These stores make up a significant 80% of the consumption market, presenting a massive opportunity for Chari.
This latest funding round adds to Chari's previous successes. In 2021, the company raised $5 million and in 2022, it secured an undisclosed bridge round. In February 2023, Chari secured an additional $1 million from Orange Ventures as part of its ongoing Series A round.
Chari boasts an impressive list of institutional investors, including Y Combinator, Rocket Internet, Endeavor Catalyst, Harvard University Management Company, Orange Ventures, and Verod-Kepple, among others.