Egyptian startup Cartona, a B2B platform digitising and empowering mom-and-pop stores, hotels, restaurants, cafes, FMCG companies, and wholesalers, has secured a US$8.1 million debt and equity Series A extension round to further expand at home and into new markets.
Founded in August 2020, Cartona is a B2B e-commerce marketplace focusing on solving supply chain and operational challenges for the fast-moving consumer goods (FMCG) industry by digitising the traditional, predominantly offline, trade market.
The startup offers an asset-light marketplace that enables grocery retailers to order their store needs digitally from a curated network of sellers. It has 188,000 retailers on its platform, a presence in 17 Egyptian cities, and serves more than 3,000 customers.
Cartona closed a closed a US$12 million Series A funding round back in July 2022, and it has now announced a US$8.1 million extension to that round, led by Algebra Ventures. It also includes existing investors Silicon Badia and the SANAD Fund for MSME.
Equity capital of US$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.
The round also includes US$2.5 million in debt capital from leading debt providers Camel Ventures and GlobalCorp.
“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,” said Mahmoud Talaat, CEO and co-founder of Cartona.
“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.”
