Chari, a Morocco-based B2B e-commerce company, has received a funding injection of $1.5 million from Verod-Kepple Africa Ventures (VKAV) to support its expansion strategy.

The investment is expected to drive Chari’s growth plans and further develop its financial services infrastructure, contributing to Morocco’s economy and showcasing the potential of Africa’s informal retail sector globally.

This funding aims to revolutionize the informal retail sector in Morocco, which currently accounts for over 80% of the fast-moving consumer goods (FMCG) trade.

Chari offers fast moving consumer goods online, addressing operational inefficiencies faced by informal retail shops in Francophone Africa. Ismael Belkhayat, CEO and co-founder of Chari expressed enthusiasm about partnering with VKAV and establishing a financial services infrastructure for the mass market.

“With VKAV’s extensive network across Africa and profound connections with the Japanese corporate society, we believe they will consistently bring value to our endeavors,” Belkhayat said in a press statement dated June 30.

Additionally, Ryosuke Yamawaki, a partner at VKAV, has been appointed as a strategic advisor to Chari.

“Chari is uniquely positioned to transform the informal retail sector and redefine the category of informal trade in Africa. We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world,” Yamawaki said.

In January 2022, Charis secured a bridge round at a $100 million valuation. In February this year, it raised $1 million from Orange Ventures, which preceded an undisclosed round of funding in May from Plug and Play.

VKAV’s extensive African network and connections with Japanese corporations are expected to bring value to Chari’s endeavors. VKAV emphasizes its focus on investing in category-defining African startups and believes Chari has the potential to redefine the informal trade sector in Africa.

-Edited by Faustine Ngila