A US-based specialist investor has signed a deal to back a Morocco-based business services technology company focused on logistics.
Y Combinator has acquired a 7% stake in Chari, buying from undisclosed sellers.
The financials details of this transaction have not been disclosed.
Jared Friedman [pictured] is partner at Y Combinator.
Previous investors in the Chari include Orange Digital Ventures, having first backed the company in 2020, in a $0.2 million deal.
Headquartered in Casablanca, Chari is a software company that offers an e-commerce platform to consumers across Morocco.
The company’s platform enables users to place orders of fast moving consumer goods, and with a commitment of free delivery in less than a day.
Chari has over 70 companies on its platform as offering various products, as of 2021.
The company’s partners’ include consumer goods companies such as campaniles and Nivea.
Created in 2020, Chari is headed by co-founder and chief executive officer Ismael Belkhayat and employs 100 people as of 2021.
Full deal details will be available shortly