Chari.ma has raised US$1-million from Endeavor Catalyst, an investment fund that is part of the Endeavor network. Chari.ma provides e-commerce facilities that allow local stores to buy products from entrepreneurs in Morocco with a free delivery service that delivers in less than 24 hours. The market is large in Morocco, as there are in the region of 200,000 convenience stores selling more than 100-billion Moroccan dirhams of merchandise each year.
Endeavor Catalyst is a co-investment fund of Endeavor, set up to invest exclusively in Endeavor entrepreneur-led companies and to sustain Endeavor’s long-term operations. The firm has invested in start-ups such as Abarca Health, 54gene, Betterfly and Bitso among many others. Endeavor Catalyst recently participated in the US$35-million funding to Geopagos, a payment acceptance company based in Latin America.