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Cartona, the leading B2B e-commerce marketplace based in Egypt, has successfully closed an $8.1 million Series A extension round. This new funding will support the company’s strategic expansion and operational scaling efforts.
The Series A extension was led by Algebra Ventures, Egypt’s premier tech venture capital firm. Existing investors, including Silicon Badia and the SANAD Fund for MSME, also participated in the round. Notably, the funding includes $2.5 million in debt capital from Camel Ventures and GlobalCorp, providing Cartona with diversified funding sources and competitive terms. This debt capital will be used to meet the working capital needs of local retailers who face challenges accessing traditional financing.
The $5.6 million in equity capital will be directed towards accelerating growth across Cartona’s verticals, including FMCG and HORECA, expanding its market share, and laying the groundwork for regional expansion into larger MENA markets. Additionally, the funds will enable Cartona to explore B2B2C opportunities.
This extension follows Cartona’s previous $12 million Series A round, led by Silicon Badia, which was aimed at scaling the platform within Egypt.
Mahmoud Talaat, CEO and Co-Founder of Cartona, remarked, “We are thrilled to complete this Series A extension, reflecting our strong operational and financial performance. The confidence of both our existing and new investors underscores the progress we have made and our commitment to revolutionizing the traditional trade market. We are poised to enhance our product offerings and deepen our market penetration, with plans to replicate our successful business model across other regional markets.”
Cartona is focused on digitizing the supply chain for small and medium-sized enterprises (SMEs) in Egypt. By streamlining distribution and facilitating direct connections between retailers and suppliers in the FMCG and HORECA sectors, Cartona enhances efficiency and accessibility for its users.
Since its inception, Cartona has expanded from 3 to 11 Egyptian cities by 2022 and aims to cover more governorates, advance its technology and services, and venture into new verticals beyond FMCG.
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