Plug and Play is thrilled to announce its second investment in Chari, the leading B2B e-commerce platform for FMCG products in Morocco and Francophone Africa.
Morocco’s startup ecosystem continues to flourish, with more and more companies securing funding rounds at more advanced stages of growth. Chari has been a standout company in this dynamic ecosystem, having first caught our attention as part of our inaugural cohort in Africa, hosted in the Morocco hub in partnership with the Mohammed VI Polytechnic University and Startgate.
Meet the team behind Chari
Ismael and Sophia have built a stellar team with industry expertise that can build on their ambitious vision for Chari. These accomplished founders, both from Morocco with international experience, have successfully founded multiple ventures. Chari is Ismael's third startup and Sophia's second, with their previous ventures still thriving after scaling them to profitability without external capital.
What makes the team unique?
Most developing countries’ FMCG markets are characterized by a scattered network of independent traditional proximity stores, representing around 80% of the consumption market. We first invested in Chari in 2020 because we knew they had found a significant opportunity to revolutionize how these stores operate and replenish their stock.
Currently, the replenishment of stock for small grocery stores is done through wholesalers and distributor agents, which is inefficient and time-consuming. This results in a lack of data for FMCG brands to evaluate their marketing campaigns and strategies for the final consumers - something of paramount importance to these brands.
Chari is the first purchasing center for FMCG products for traditional local shops, and through its e-commerce application, it offers the possibility to order products at lower prices and has them delivered within 24 hours, allowing the FMCG brands to track their sales on the traditional trade.
Chari has demonstrated strong traction in the market, having already established itself as the leading B2B e-commerce platform for FMCG products in Morocco. The company has a clear vision to become a regional player and build additional services, which will provide the company with opportunities to capture further market share and create other revenue streams such as embedded fintech. Chari has recently become the first VC-backed startup to receive a payment license from the Central Bank of Morocco.
Why have we decided to re-invest in Chari?
We're excited to continue investing in Sophia and Ismael’s vision. With prior experience in building and scaling startups, we believe they are the right founders to build this company.
Plug and Play is confident that, after raising from a great line-up of investors, including Y Combinator, Rocket Internet, Endeavor Catalyst, Global Founders Capital, Harvard University Management Company, Orange Ventures, Verod-Kepple, among others, Chari will continue to grow and establish itself as a market leader in the FMCG e-commerce space in Africa.
We are thrilled to be a part of this success story and to renew our commitment to support Sophia, Ismael, and the Chari team in their journey.