- Cartona raised an $8.1 million Series A extension, bringing total Series A financing to $20.1 million, including $5.6 million in equity and $2.5 million in debt.
- Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, the platform now serves over 188,000 retailers across 17 cities in Egypt.
- CEO Mahmoud Talaat highlighted that the investment reinforces Cartona’s market leadership and will enhance platform capabilities and customer value.
- Cartona aims to cover all of Egypt’s governorates, refine its product offerings, and explore new business areas to solidify its position as a dominant B2B e-commerce player.
Cartona, a leading B2B e-commerce platform in Egypt, has announced a successful $8.1 million Series A extension round, bringing the total Series A financing to $20.1 million.
The recent funding includes $5.6 million in equity and $2.5 million in debt, led by Algebra Ventures. Existing investors such as Silicon Badia and the SANAD Fund for MSME also participated, while Camel Ventures and GlobalCorp contributed to the debt portion.
Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona operates a mobile application that connects buyers and sellers seamlessly.
Since its inception, the platform has expanded its reach to serve over 188,000 retailers across 17 cities in Egypt. This growth demonstrates the platform’s effectiveness in bridging the gap between retailers and suppliers.
Purpose of New Funds
The newly raised funds are earmarked for several strategic purposes. Cartona aims to expand its footprint in the fast-moving consumer goods (FMCG) and hospitality sectors.
The company also plans to increase its market share and explore opportunities within the broader Middle East and North Africa (MENA) region. Additionally, the debt financing will address the working capital needs of local retailers, helping them manage their operations more efficiently.
CEO Mahmoud Talaat expressed his enthusiasm about the new investment, stating that it reinforces Cartona’s market leadership. He emphasised that the funding would drive the company’s growth, enhance its platform capabilities, and deliver more value to customers.
Talaat believes this financial boost will accelerate Cartona’s mission to transform the B2B e-commerce landscape in Egypt and beyond.
Future Plans
Cartona has shown remarkable growth since its launch, expanding from three to 11 cities within a year. The company is now focused on covering all of Egypt’s governorates, refining its product offerings, and exploring new business areas.
This ambitious expansion plan signifies Cartona’s commitment to becoming a dominant player in the B2B e-commerce sector across the region.
Cartona’s recent funding success marks a significant milestone in its journey. With strong backing from reputable investors and a clear vision for the future, Cartona is well-positioned to continue its impressive growth trajectory, supporting more retailers and suppliers across Egypt and the MENA region.
The company’s strategic plans and robust platform promise to revolutionize the B2B e-commerce industry, driving efficiency and growth
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Last Updated on August 6, 2024 by Safiya K
