Chari.ma has raised bridge funding led by venture capital fund Khwarizmi with the participation of various other investors that include Y Combinator and Plug & Play. 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. The undisclosed funding is expected to be used to pilot buy-now-pay-later (BNPL) services within the North Africa and West Africa regions.
Khwarizmi Ventures Khwarizmi Ventures is a Saudi-based venture capital firm investing in early-stage startups with proven traction in the MENA region. Since its inception in 2018, Khwarizmi has seed-funded notable startups, assisted various founders, and scaled multiple regional companies such as Lean, RemotePass, TAG, PosRockect, Rewaa, Calo, Bosta, Xare, Lyve, Melltoo, Eyewa and Sibly among others.
Plug & Play is a Silicon Valley venture capital firm established in 2006 to manage acceleration incubators and venture capital investments and now manages 50 industry themed accelerator programmes, innovation hubs for 400 large corporations and provides venture capital to over 250 startups a year.