Cartona, an Egypt-based B2B e-commerce platform, has successfully raised $8.1 million in a Series A extension round led by Algebra Ventures. This latest financing round saw significant contributions from existing investors Silicon Badia and the SANAD Fund for micro, small, and medium enterprises, alongside Camel Ventures and GlobalCorp, which provided $2.5 million in debt and $5.6 million in equity, respectively.
Founded in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, Cartona aims to revolutionize Egypt’s traditional trade industry. The platform connects small retailers, fast-moving consumer goods producers, wholesalers, and distributors, facilitating a more digitized and efficient trading environment.
Cartona announced the new funding with plans to accelerate its expansion and grow its market share. The company is set to explore new opportunities in the Middle East and North Africa, while also considering business-to-business and business-to-consumer avenues to enhance its reach and impact.
In 2022, Cartona closed a $12 million Series A round, led by Silicon Badia and other investors. The recent funds will support Cartona’s strategy to transform the traditional trade market and create substantial value for all marketplace stakeholders, reinforcing its commitment to expanding both its product offerings and market presence.
Mahmoud Talaat, CEO and co-founder of Cartona, expressed enthusiasm about the company’s future. Talaat highlighted that Cartona is dedicated to replicating its successful business model across regional markets, making trading more accessible and efficient for retailers and suppliers alike.
Omar Khashaba, general partner at Algebra Ventures, praised Cartona for its capital-efficient model, which has driven strong growth and profitability even during economic downturns. Khashaba noted that Cartona’s asset-light approach allows for scalable infrastructure and rapid adaptation to new markets, furthering financial inclusion in the retail sector through innovative inventory financing options.
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