Moroccan B2B e-commerce startup, Chari, has secured an additional funding of $1.5 million from Verod-Kepple Africa Ventures (VKAV) to support its growth plans. Chari, founded in 2020, enables traditional proximity store owners in Morocco to order and receive product deliveries. The platform has onboarded over 20,000 food businesses in Morocco and expanded into Tunisia and Ivory Coast. The company previously raised $5 million in a seed round and received investments from Orange Ventures and Plug and Play. Chari aims to become a regional player in the B2B e-commerce sector and build additional services, including embedded fintech. It recently became the first VC-backed startup to obtain a payment license from the Central Bank of Morocco. The funding from VKAV, a joint venture between Kepple Africa Ventures and Verod Holdings, will help Chari establish a financial services infrastructure for the mass market in Morocco. Chari's innovative approach to transforming the informal retail sector in Africa has positioned it as a potential showcase for the rest of the world, according to Ryosuke Yamawaki, partner at VKAV.
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