Egypt-based B2B E-commerce Marketplace Cartona Raises $8.1 Million in Series A Extension
Cartona, an Egyptian leading B2B e-commerce platform digitizing and empowering stakeholders of Egypt’s traditional trade market has announced the successful completion of $8.1 million Series A extension fundraising.
The round was led by Algebra Ventures – the leading Egyptian tech venture capital firm, with Cartona’s existing investors – Silicon Badia and the SANAD Fund for MSME, also participating.
This round includes $2.5 million in debt capital from leading debt providers ( Camel Ventures and GlobalCorp) as part of Cartona’s strategy to have diversified sources of capital. The debt was raised in local currency with competitive terms and will help in fulfilling working capital needs for local retailers for whom – otherwise – capital access would have been difficult.
Notably, Equity capital of $5.6 million is earmarked to further accelerate growth in Cartona’s different verticals, including FMCG and HORECA; grow its market share; establish firm foundations for regional expansion into new large markets in MENA; and explore exciting possible B2B2C opportunities.
This additional funding comes a year after Cartona secured $12 million in Series A funding led by Silicon Badia, with participation from the SANAD Fund for MSME, to scale in Egypt.
Speaking on the recent funds raised, Mahmoud Talaat, CEO and Co-Founder of Cartona, said,
“We are delighted to complete a Series A extension which we have done from a position of strength. Our operational and financial metrics are all progressing very positively which has helped us to attract capital from existing and new investors. We are committed to delivering our strategy which includes transforming the traditional trade market and creating value for all stakeholders in the marketplace.
“Our product rollout, verticals, and offerings will continue to grow as will our penetration of the Egyptian market. We have an exciting future ahead, replicating the successful execution of our business model in other regional markets all making trading as easy and accessible as possible for retailers and suppliers .”
Cartona is dedicated to digitizing the supply chain for small and medium-sized enterprises (SMEs) across Egypt. The platform streamlines the distribution process, enabling efficient direct connections between retailers and key suppliers in the FMCG and HORECA sectors.
By 2022, the platform had expanded its presence to 11 Egyptian cities, up from 3 in 2021. The company aimed to cover Egypt’s governorates, enhance its product, technology, and services, and explore new verticals beyond FMCG.
