DUBAI: A Moroccan e-commerce startup that wants to digitize informal retail stores has secured $5 million seed funding, valuing it at $70 million.
Chari wants to address procurement issues facing over 300,000 grocery stores in Morocco and Tunisia through their platform, it said in a statement.
This vision has led a number of prominent investors, including Berlin-based Rocket Internet, to put money into the startup.
Chari partners with manufacturers to distribute goods to local “mom and pop shops”, and also provides these shops with payment facilities and other financial services.
It plans to use the money to further develop its platform, including possibly adding a money transfer function.
“We are now focusing on achieving our short-term targets to raise a significant Series A in six to nine months,” Chari co-founder Ismael Belkhayat said.