Egypt’s Cartona Raises $8.1 Million in Series A Extension
Algebra Ventures led the investment, with Silicon Badia and the SANAD Fund for MSME also participating.
Egypt-based B2B platform Cartona has secured an $8.1 million Series A extension funding round. Algebra Ventures led the investment, with Silicon Badia and the SANAD Fund for MSME also participating, as per an emailed press release to Inc. Arabia.
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This extension follows Cartona's previous $12 million Series A round in 2022, led by Silicon Badia. The funding includes $5.6 million in equity capital aimed at accelerating growth in fast-moving consumer goods (FMCG) and hotel, restaurant, and catering (HORECA) sectors, expanding market share, and further expanding in MENA.
Additionally, $2.5 million in debt capital from Camel Ventures and GlobalCorp will support Cartona's working capital needs, crucial for local retailers facing challenges in accessing capital.
Founded in August 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona serves over 188,000 retailers across 17 Egyptian cities.
Through its platform, Cartona connects retailers directly with wholesalers, suppliers, and FMCGs. This enables retailers to manage stock and working capital more effectively through cash or credit orders.