Grace Ashiru
Cartona, an Egyptian startup focused on digitizing and empowering mom-and-pop stores, hotels, restaurants, cafés, FMCG companies, and wholesalers, has successfully secured an additional US$8.1 million in a Series A extension round comprising both debt and equity. This new funding aims to support Cartona’s growth both within Egypt and internationally.
Algebra Ventures led the latest funding round, while existing investors Silicon Badia and the SANAD Fund for MSME also participated. Of the total funds raised, US$5.6 million represents equity capital, which Cartona plans to use to accelerate its growth across various verticals, including FMCG and HORECA. The startup’s strategic goals include expanding its market share, laying the groundwork for regional expansion into significant markets within the MENA region, and exploring promising B2B2C opportunities.
In addition to equity funding, Cartona has also secured US$2.5 million in debt capital from leading debt providers such as GlobalCorp and Camel Ventures.
Cartona is a B2B e-commerce marketplace founded in August 2020 with a mission to tackle supply chain and operational issues within the fast-moving consumer goods (FMCG) industry by digitizing the predominantly offline trade market.
The startup operates an asset-light marketplace that enables grocery retailers to procure their store essentials digitally from a carefully selected network of sellers. Currently, Cartona serves over 3,000 consumers, has a footprint in 17 cities across Egypt, and boasts 188,000 retailers on its platform.
“We are thrilled to announce the completion of our Series A extension, achieved from a strong position,” stated Mahmoud Talaat, CEO and co-founder of Cartona. “Our operational and financial indicators are showing positive progress, which has played a key role in attracting investment from both existing and new investors.”
Talaat continued, “We are dedicated to executing our strategy, which focuses on transforming the traditional trade market and creating value for all participants in the marketplace. We plan to expand our product offerings, verticals, and overall market reach within Egypt. Our future is promising, and we look forward to replicating our successful business model in other regional markets, making trading as straightforward and accessible as possible for both retailers and suppliers.”
