Photo via LinkedIn
Cartona, a leading B2B platform digitizing Egypt’s traditional trade market, has raised USD 12 million in Series A funding, in efforts to extend the company’s sustainable growth.
Series A funding is the name given to a company’s first significant round of venture capital financing.
This comes less than one year after Cartona raised USD 4.5 million in a pre-series A round led by Global Ventures, a Dubai-based venture capital firm.
“We are delighted to complete our Series A fundraiser,” says Mahmoud Talaat, CEO and co-founder of Cartona.
“The endorsement of new investors, and re-participation of existing investors, validates our strategy of a capital-efficient, asset light business model focused on enabling all stakeholders in the industry, boosting operational efficiency and underpinned by strong unit economics.”
Led by Silicon Badia, a venture capital firm investing in global technology entrepreneurs, the funding witnessed the active participation of the investors SANAD Fund for MSME, Arab Bank Accelerator, and Sunny Side Ventures, in addition to existing investors Global Ventures and Kepple Ventures.
“We are thrilled to partner with the Cartona team to help them continue to disrupt the $120 billion Egyptian retail market through its B2B technology platform and embedded financial service offerings,” says Namek T. Zu’bi, founding and managing partner at Silicon Badia.
“The market is hungry for these types of solutions and we believe Cartona’s asset-light approach will allow them to serve as many marketplace participants as possible in a highly efficient manner.”
Proceeds will be used to drive expansion across Egyptian governorates.
Founded in 2019, Cartona is empowering the stakeholders of Egypt’s traditional trade market, including mom-and-pop stores, fast-moving consumer goods (FMCG) producers, wholesalers, and distributors.
As one of the fastest-growing B2B e-commerce marketplaces in Egypt, Cartona connects retailers, wholesalers, suppliers, and producing companies.
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