Cartona, an Egypt-based B2B platform digitising traditional trade market, announced the successful completion of an $8.1 million Series A extension fundraise.
The round was led by Algebra Ventures – the leading Egyptian tech venture capital firm, with Cartona’s existing investors – Silicon Badia and the SANAD Fund for MSME – also participating.
The latest fundraising includes $2.5 million in debt capital from leading debt providers such as Camel Ventures and GlobalCorp, the company said in a media release.
Egypt’s Cartona fresh capital will be earmarked to further accelerate growth
“This is part of Cartona’s strategy to have diversified sources of capital. The debt was raised in local currency with competitive terms,” it said.
The latest round follows a $12 million Series A funding raised by the company earlier.
The company said part of the fresh capital will be earmarked to further accelerate growth in its different verticals, including FMCG and HORECA.
Part of the new investments will also be deployed to grow the company’s market share in various segments, establish firm foundations for regional expansion into new large markets in MENA and explore exciting possible B2B2C opportunities.
The company said its latest investment round is based on strong financial and operational progress and a strategy geared to an exciting future.
Mahmoud Talaat, CEO and Co-Founder of Cartona, said the company’s operational and financial metrics are all progressing very positively, which has helped it to attract capital from existing and new investors.
“We have an exciting future ahead, replicating the successful execution of our business model in other regional markets – all making trading as easy and accessible as possible for retailers and suppliers,” he said.
Omar Khashaba, General Partner at Algebra Ventures, said Cartona empowers the traditional retail market to be more efficient by streamlining the distribution process, directly connecting retailers with wholesalers, suppliers and FMCGs.
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