Egyptian B2B e-commerce startup Cartona raises $8.1m Series A extension to further expand – Disrupt Africa

Egyptian startup Cartona, a B2B platform digitising and empowering mom-and-pop stores, hotels, restaurants, ​​cafes, FMCG companies, ​​and ​wholesalers, has secured a US$8.1 million ​​debt and equity Series A extension round to further expand at home and into new markets.
Founded in August 2020, Cartona is a B2B e-commerce marketplace focusing on solving supply chain and operational challenges for the fast-moving consumer goods (FMCG) industry by digitising the traditional, predominantly offline, trade market. 
The startup offers an asset-light marketplace that enables grocery retailers to order their store needs digitally from a curated network of sellers. It has 188,000 retailers​ on its platform​, ​a presence in 17 Egyptian cities, and serves more than 3,000 customers.
Cartona closed a closed a US$12 million Series A funding round back in July 2022, and it has now announced a US$8.1 million extension to that round, led by Algebra Ventures. It also includes existing investors Silicon Badia and the SANAD Fund for MSME.
Equity capital of US$5.6 million is ​​earmarked ​to ​​further accelerate ​growth in Cartona’s different verticals, including ​FMCG and ​HORECA; grow its market share; establish firm foundations for regional expansion​ into new large markets in MENA; and explore exciting possible B2B2C opportunities. 
The round also includes US$2.5 million in debt capital from leading ​debt ​​providers ​​​Camel Ventures and GlobalCorp.
“We are delighted to complete a Series A extension – which we have done from a position of strength. Our operational and financial metrics are all ​progressing ​very positive​ly which has helped ​​us to​​​ attract capital from existing and new investors​​​,” said Mahmoud Talaat, CEO and co-founder of Cartona.
“We are committed to delivering ​our strategy which includes transforming the traditional trade market ​and creating value for all stakeholders in the marketplace. Our product ​​rollout, verticals and offerings ​will continue to ​grow as will our penetration of the Egyptian​ market​. 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​.”

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