Cartona, the Egypt-based B2B e-commerce platform, has just secured $8.1 million in a Series A extension round led by Algebra Ventures, with contributions from existing investors like Silicon Badia and the SANAD Fund for Micro, Small, and Medium Enterprises.
Camel Ventures and GlobalCorp chipped in with $2.5 million in debt and $5.6 million in equity, respectively.
Since its founding in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, Cartona has been working to modernize Egypt’s traditional trade sector. Their platform connects small retailers with FMCG producers, wholesalers, and distributors.
The company announced the new funding yesterday, saying it plans to use the money to speed up growth, increase market share, and expand into new regions in the Middle East and North Africa. They’re also looking into new B2B and B2C opportunities.
Last year, Cartona raised $12 million in a Series A round led by Silicon Badia and others.
Cartona’s CEO and co-founder, Mahmoud Talaat, shared: “We’re dedicated to reshaping the traditional trade market and adding value for everyone involved. We’ll keep expanding our product offerings and market reach, aiming to bring our successful model to other regions.”
Omar Khashaba, a general partner at Algebra Ventures, praised Cartona’s efficient model, which has driven impressive growth even in tough times. He said, “Cartona’s flexible, asset-light approach lets them scale quickly and enter new markets. They’re also boosting financial inclusion, with more small merchants using their inventory financing options.”
