Morrocan Start-Up Chari raises $5 Million in Seed Funding

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Chari morocco start up

Y Combinator-backed Morrocan start-up, Chari, has today raised the sum of $5 million in seed funding after their $70 million valuation. The start-up is looking to digitize informal mom-and-pop shops by supplying them with getting products at very affordable rates and also providing them credit.

The founders, Sophia Alj and Ismael Belkhayat, both ex-consultants, first discovered the challenges that informal retail stores face in sub-Saharan Africa last year during a mandatory trip by her former employee while trying to get their products.

Chari has currently signed up 15,000 merchants on its platform and is growing at a 20% month on month. The funding was led by Y-Combinator, Rocket Internet, Global Founders Capital and P1 Ventures co-led the round, which is the largest of its kind in Morocco at the moment.