Cartona, a B2B eCommerce platform based in Egypt, has raised $8.1 million in a Series A extension round. This includes $5.6 million in equity and $2.5 million in debt, aimed at expanding its market reach and supporting retailers.
The funding round was led by Algebra Ventures, with contributions from Silicon Badia and the SANAD Fund for MSME. Debt financing came from Camel Ventures and GlobalCorp.
This new funding follows a $12 million Series A round last year, also led by Silicon Badia, and brings Cartona’s total Series A funding to $20.1 million. The company had previously raised $4.5 million in pre-Series A funding in 2021.
The $5.6 million equity will be used to expand Cartona’s services in fast-moving consumer goods (FMCG) and HORECA (hotels, restaurants, and cafes), increase its market presence, and enter new MENA markets. The $2.5 million in debt will help local retailers access working capital.
Founded in August 2020 by Mahmoud Talaat (CEO) and Mahmoud Abdel-Fattah (CTO), Cartona connects buyers and sellers through a mobile app. The platform now serves over 188,000 retailers across 17 Egyptian cities and has expanded its reach from 3 cities in 2021 to 11 in 2022. Cartona also launched a HORECA vertical over a year ago.
CEO Mahmoud Talaat emphasized the company’s commitment to transforming the traditional trade market and enhancing its offerings as it continues to grow in Egypt.
