Moroccan Startup Chari.ma Raises USD 5 Mn For Expansion

Chari.ma, a fintech and e-commerce startup, has raised USD 5 Mn in a round jointly led by Rocket Internet, Global Founders Capital, and P1 Ventures with participations from Plug and Play, Y Combinator, Village Capital, MetLife Foundation, Orange Digital Ventures, Air Angels, SPE Capital, Pincus Private Equity and Reflect Ventures. The Chandaria family, Propertyfinder CEO and founder Michael Lahyani, and the management company of an American Ivy League university also joined the round.

Chari partners with FMCG Multinationals and local manufacturers to distribute their goods to local mom and pop shops in less than 24 hrs. It also provides payment facilities and financial services through the recent acquisition of Karny.ma. The startup plans to use the funding to expand its operations in Africa, offer new fintech offerings, such as buy now pay later.