Cartona, an Egypt-based business-to-business (B2B) e-commerce platform, has raised $8.1 million in a Series A extension financing round. The funding was led by Algebra Ventures, with participation from existing investors including Silicon Badia and the SANAD Fund for micro, small, and medium enterprises. Camel Ventures and GlobalCorp also contributed $2.5 million in debt and $5.6 million in equity financing, respectively.
Founded in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, Cartona aims to digitize Egypt’s traditional trade industry by connecting small retailers with fast-moving consumer goods producers, wholesalers, and distributors through its platform.
The funds will be used to expand Cartona’s market presence and explore new business-to-business (B2B) and business-to-consumer (B2C) opportunities in the Middle East and North Africa (MENA) region. Cartona previously raised $12 million in a Series A round in 2022, led by Silicon Badia.
Mahmoud Talaat, CEO and co-founder of Cartona, stated: “We aim to transform the traditional trade market and deliver value for all stakeholders. Our product rollout and market penetration will continue to grow as we replicate our business model in other regional markets.”
Omar Khashaba, general partner at Algebra Ventures, noted: “Cartona’s capital-efficient model has enabled it to maintain growth and profitability. The asset-light nature of its model supports scalable infrastructure for new markets. Additionally, Cartona has promoted financial inclusion in the retail sector, with more merchants utilizing inventory financing options.”
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