Egypt’s Cartona raises $8.1 million to expand B2B platform

Egypt’s Cartona is set to expand its B2B platform across the MENA region following the successful completion of an $8.1 million ​​Series A extension ​fundraise.

Cartona’s B2B e-commerce marketplace aims to streamline the distribution process by connecting buyers and sellers across the supply chain. In particular, it targets Egypt’s traditional trade market including mom-and-pop stores, hotels, restaurants, ​​cafes, FMCG companies, ​​and ​wholesalers.

The round was led by Algebra Ventures with Cartona’s existing investors Silicon Badia and the SANAD Fund for MSME, also participating​​. Cartona previously raised $12 million in Series A funding, led by Silicon Badia.

In a statement, the company said it has earmarked equity capital of $5.6 million to ​ accelerate ​growth in its different verticals, including ​FMCG and ​HORECA, and support expansion​ into new  markets in the MENA region. Cartona’s proprietary technology can be fully integrated with retailers and suppliers for ordering, inventory management, branding, embedded finance, ledger and tax.

Speaking on the milestone, Mahmoud Talaat, CEO and Co-Founder of Cartona, said: “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.”

Omar Khashaba, General Partner at Algebra Ventures, added: “The asset light nature of [Cartona’s] model creates scalable infrastructure that can quickly be adapted for entry into new markets and adjacencies. Cartona has also been a driving force for financial inclusion in the retail sector as more and more of its small merchants take advantage of inventory financing options.”