Egypt’s prominent B2B e-commerce platform, Cartona, has announced a successful $8.1 million Series A extension round, culminating in a total of $20.1 million raised in Series A financing.
The latest investment includes $5.6 million in equity and $2.5 million in debt, with Algebra Ventures leading the round. Existing investors Silicon Badia and the SANAD Fund for MSME also participated, while Camel Ventures and GlobalCorp provided the debt portion.
Co-founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona operates a mobile application that facilitates the connection between buyers and sellers. The platform has impressively grown to serve over 188,000 retailers across 17 cities in Egypt.
The newly acquired funds are earmarked for Cartona’s expansion within the fast-moving consumer goods (FMCG) and hospitality sectors, to increase its market share, and to pursue opportunities in the broader Middle East and North Africa (MENA) region. The debt financing will particularly aid in addressing the working capital requirements of local retailers.
CEO Mahmoud Talaat expressed excitement about the additional funding, which solidifies Cartona’s leadership in the market. He emphasized that the investment will propel the company’s growth, enhance the platform’s capabilities, and provide increased value to their customers.
Cartona has demonstrated impressive growth since its launch, expanding its operations from three to 11 cities within a year. Looking ahead, the company is set on covering all of Egypt’s governorates, refining its product offerings, and venturing into new business areas.
