Nigerian VC firm Verod-Kepple invests $1.5 million in Morocco’s Chari

Verod-Kepple Africa Ventures (VKAV) announced its investment of $1.5 million in Chari, a Morocco-based B2B e-commerce company, to support its growth plan.

Simultaneously, Ryosuke (Rio) Yamawaki, Partner at VKAV, has been appointed as a strategic advisor to the company, solidifying their commitment to transforming the informal retail sector and driving economic growth in the region.

Chari was founded by Moroccan entrepreneur Ismael Belkhayat and his wife Sophia Alj.

In Morocco, as in other African countries, the majority of fast-moving consumer goods (FMCG) trade takes place through informal retail shops, which currently represent more than 80 percent of total FMCG trade. However, these important establishments face operational inefficiencies due to multiple layers of intermediaries, a lack of digitization, and limited access to trade finance. Chari has emerged as a game-changer in this space, revolutionizing the operations of informal retail shops by offering essential goods and services more affordably and efficiently.

Belkhayat, CEO and co-founder of Chari, expressed excitement about partnering with VKAV during this crucial phase of the company’s growth. He stated in a press release: “We are thrilled to have VKAV as our partner as we establish a cutting-edge and fundamental financial services infrastructure for the mass market in our country. With VKAV’s extensive network across Africa and strong connections with the Japanese corporate society, we believe they will consistently bring value to our endeavors.”

Yamawaki, partner at VKAV, emphasized the firm’s focus on investing in African startups that define their respective categories.

Yamawaki said: “Chari is uniquely positioned to transform the informal retail sector and redefine the category of informal trade in Africa. We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world.”

As VKAV collaborates with Chari, the investment will provide the necessary momentum to drive the company’s growth plans and further develop its groundbreaking financial services infrastructure for the masses.

The partnership will enable Chari to continue delivering innovative solutions, propelling Morocco’s economy forward and showcasing the potential of Africa’s informal retail sector on a global scale.