Cartona, Egypt’s pioneering B2B platform, has announced a significant milestone in its journey to transform the traditional trade market in Egypt.
The company, which serves a diverse array of stakeholders including mom-and-pop stores, hotels, and FMCG companies, recently secured an $8.1m in its Series A extension round of funding.
This recent financial influx was led by Algebra Ventures, a prominent Egyptian tech venture capital firm. The funding round also saw participation from existing investors Silicon Badia and the SANAD Fund for MSME. Notably, this round was completed while Cartona maintained a robust cash position from a previous $12m Series A funding, indicating a strong financial health.
Cartona is dedicated to digitizing the supply chain for small and medium-sized enterprises (SMEs) across Egypt. The platform streamlines the distribution process, enabling efficient direct connections between retailers and key suppliers in the FMCG and HORECA sectors. By leveraging technology, Cartona facilitates improved inventory and working capital management for retailers, enhancing profitability and operational efficiency.
The newly acquired funds are earmarked for several strategic initiatives. A total of $5.6m in equity capital will be used to accelerate growth across Cartona’s various business verticals, expand its market presence in the MENA region, and explore potential B2B2C opportunities. Additionally, $2.5m in debt capital, sourced from leading providers such as Camel Ventures and GlobalCorp, will support the working capital needs of local retailers, enhancing financial access and sustainability.
Mahmoud Talaat, CEO and Co-Founder of Cartona, expressed his optimism about the future, stating, “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 positively which has helped us to attract capital from existing and new investors.
“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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