Cartona, an Egypt-based B2B eCommerce platform, has secured $8.1 million in a Series A extension round. The funding, comprising $5.6 million in equity and $2.5 million in debt, will be used to grow its market share and support retailers. The extension round was led by VC firm Algebra Ventures, with participation from Silicon Badia and the SANAD Fund for MSME, while Camel Ventures and GlobalCorp provided the debt component.
This additional investment follows a $12 million Series A round led by Silicon Badia in the previous year, bringing Cartona’s total Series A funding to $20.1 million. Despite the new funding, Cartona maintains a strong cash position compared to its earlier capital raise.
The platform, launched in August 2020 by Mahmoud Talaat (CEO) and Mahmoud Abdel-Fattah (CTO), connects buyers and sellers via a mobile app. It currently serves over 188,000 retailers across 17 Egyptian cities, primarily in the FMCG sector, and has recently expanded into the HORECA (hotel, restaurant, and café/catering) market.
Cartona plans to use the $5.6 million equity to expand its verticals, increase market share, and enter new markets in the MENA region. The $2.5 million in debt capital, raised in local currency, will support local retailers with working capital needs. The company aims to transform the traditional trade market in Egypt and provide value to all stakeholders in the marketplace.
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