Investment Secured: Egyptian Business-to-Business E-commerce Platform Cartona Gains $8.1 Million through Series A Funding Extension
Cartona, a B2B e-commerce marketplace founded in August 2020, has secured an additional $8.1 million in a Series A extension round. The funding round was led by Algebra Ventures, with participation from Silicon Badia, the SANAD Fund for MSME, GlobalCorp, Camel Ventures, and other undisclosed investors.
The funding round comes as a testament to Cartona's positive operational and financial progress, as stated by Mahmoud Talaat, CEO and co-founder of Cartona. Talaat is dedicated to executing Cartona's strategy to transform the traditional trade market and create value for all marketplace participants.
Cartona's mission is to digitize the predominantly offline trade market within the fast-moving consumer goods (FMCG) industry. The startup currently serves over 3,000 consumers and has a footprint in 17 cities across Egypt, boasting 188,000 retailers on its platform.
With the funds raised, Cartona plans to use the equity capital to accelerate its growth across various verticals, including FMCG and HORECA. The company aims to expand its product offerings, verticals, and overall market reach within Egypt. In addition, Cartona plans to lay the groundwork for regional expansion into significant markets within the MENA region and explore B2B2C opportunities.
Talaat stated that the startup has shown positive operational and financial progress, attracting existing and new investors due to its success. The Series A extension was achieved from a strong position, according to Talaat, indicating continued growth and success for Cartona. Mahmoud Talaat's statement emphasizes the company's commitment to tackling supply chain and operational issues within the FMCG industry.
The funding round also includes $2.5 million in debt capital from leading debt providers such as GlobalCorp and Camel Ventures. Cartona's aim is to replicate its successful business model in other regional markets.
Unfortunately, the search results do not provide specific information about the main actors involved alongside Algebra Ventures in the Series A expansion round for Cartona. Therefore, further details about the investors' involvement cannot be provided.
The news of Cartona's Series A extension round is exciting for the Egyptian startup scene, as it demonstrates the potential for growth and success in the e-commerce marketplace. With its focus on digitizing the traditional trade market, Cartona is poised to make a significant impact on the FMCG industry within Egypt and beyond.
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