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Egyptian B2B e-commerce platform Cartona raised USD 8.1 mn in a series A extension round consisting of USD 5.6 mn in equity capital and USD 2.5 mn in debt, the company said in a press release (pdf).
Who threw their hats in the ring? The round was led by Algebra Ventures with participation from returning investors VC firm Silicon Badia and Finance in Motion’s Sanad fund. The debt component came from Camel Ventures and GlobalCorp.
Where’s the money going? The company plans has earmarked USD 5.6 mn of equity capital to accelerate growth across Cartona’s verticals, including FMCG and HORECA, the statement notes. It also seeks to expand in the MENA region — including in Saudi Arabia — as well as explore B2B2C operations, founder and CEO Mahmoud Talaat told TechCrunch.
This latest funding round follows a USD 12 mn series A round led by Silicon Badia back in July 2022, as well as a USD 4.5 mn pre-series A round in September 2021.
About Cartona: Founded in 2020, Cartona operates a digital marketplace that allows grocery retailers to purchase fast-moving consumer goods (FMCG) from online sellers. It provides real-time price comparisons and estimated delivery times to retailers, while offering access to analytics to sellers.
