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Rabat – UM6P Ventures, the investment fund of Mohammed VI Polytechnic University, announced its decision to invest in e-commerce startup Chari to boost financial and digital inclusion in Africa.
A statement from the partners said that Chari and UM6P Ventures entered into a partnership with the aim to develop a “framework conducive to financial inclusion and to foster sustainable growth and harmonious development of entrepreneurial ecosystems.”
The venture’s investments will focus on strengthening the capacities of Moroccan and African ecosystems to tackle major challenges.
“This investment, like other investments in digital transformation, aims to address challenges, notably those related to Retailtech,” CEO of UM6P Ventures Yassine Laghzioui said.
CEO of Chari Ismael Belkhayat also expressed satisfaction with the partnership, emphasizing that the startup will use the funds raised to “become a leader in B2B e-commerce offering integrated finance in Francophone Africa.”
He added that the startup’s objective is to continue its geographical expansion while developing Fintech services to offer local businesses the opportunities to provide or benefit from various financial services.
Chari is a startup that is aiming to digitize the entire value chain of distribution, developing a B2B e-commerce application operating in Morocco, Tunisia, and Ivory coast.
In May, the Moroccan startup featured on the list of the fastest growing businesses in Africa on a ranking from British magazine the Financial Times.
Chari claimed the 10th place in the ranking on the continent.
Founded in 2018, the startup’s revenue went from $200,000 in its first year to $1.8 million in 2021.
According to the Financial Times, the startup scored an impressive compound annual growth rate of 92%.
