Morocco’s Chari secures new funding from UM6P Ventures

Key Takeaways

African markets, though diverse, have some common themes, one of which is the largely fragmented FMCG space. Often, both local and multinational manufacturers do not have visibility and control over their own distribution channels while distributors have to deal with discrepancies in prices and inefficient logistics. Chari, like many startups in the B2B e-commerce space in Africa such as Nigeria’s TradeDepot and Egypt’s Capiter, has built digital products to address these bottlenecks in the crucial sector. Chari is one of the most prominent and funded startups in the North African country. Having participated in the Y Combinator S21 batch, Chari raised a seed round of $5 million in late 2021 and received additional investments in January of the following year. The company further secured funding in February from Orange Ventures, in June from Plug and Play, and in July from Verod-Kepple Africa Ventures (VKAV).