- Cartona, an Egypt-based B2B eCommerce platform, has raised $8.1 million in a Series A extension — $5.6 million in equity and $2.5 million in debt — from new and existing investors, to grow its market share and help retailers.
- VC firm Algebra Ventures led the extension round, with participation from Silicon Badia and the SANAD Fund for MSME. Camel Ventures and GlobalCorp provided the debt component.
- 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.
According to Cartona, the new round was raised from a strong position, stating that it still has a significant cash position from the previous $12 million Series A funding. This 2024 funding brings its total Series A to $20.1 million.
The company, which raised $4.5 million in pre-Series A in 2021, plans to use the $5.6 million in equity capital to expand its various verticals, including FMCG and HORECA, increase market share, and enter new large markets in the MENA region.
The $2.5 million in debt capital, raised in local currency, will support working capital needs for local retailers facing capital access challenges.
Mahmoud Talaat (CEO) and Mahmoud Abdel-Fattah (CTO) launched Cartona in August 2020 to connect buyers and sellers via a mobile app. The startup boasts over 188,000 retailers on the platform and a presence in 17 Egyptian cities, mentioning that its FMCG B2B core business serves over 3,000 customers already.
By 2022, Cartona 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. Over a year ago, it also launched the HORECA (hotel, restaurant, and café/catering) vertical.
“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,” the CEO concluded, acknowledging its operational and financial metrics.
