Moroccan startup, Chari has raised $1 million from Orange Ventures, the venture capital arm of telecommunications company, Orange Group. Orange Ventures had previously invested in Chari's $5 million seed round which saw it valued at $70 million. It also participated in a bridge round in 2022 that saw its valuation rise to $100 million.
Following this latest investment, Grégoire de Padirac, Partner of Orange Ventures Middle East & Africa, would join Chari's Supervisory Board.
"We are delighted to have been among the first investors in the Chari adventure, and we look forward to continuing to support the team as it expands into the French-speaking region and the fintech sector. We and Chari believe in the need of digitising local company owners."
Ismael Belkayat, Chari's Co-Founder and CEO, in a statement disclosed that Chari hopes to leverage Orange's footprints for expansion.
"Being supported by Orange Ventures since the beginning of our quest is a source of pride for us. The Orange group’s distribution know-how and skills are extremely beneficial to us. We intend to grow into the nations in which Orange operates"
When the startup raised its seed round in 2021, it disclosed plans to expand into Francophone Africa in addition to offering financial services to its users. That saw it acquire Karny the same year to offer credit and bookkeeping services to the merchants Karny served. Not much is available on the progress of that move, but it appears Chari is still adamant about its fintech plans.