📱 Funding Boost
Cartona, a leading B2B e-commerce platform in Egypt, has secured an $8.1M extension to its Series A round, bringing the total to $20.1M. This round included $5.6M in equity and $2.5M in debt. Algebra Ventures led the equity portion, joined by existing investors Silicon Badia and SANAD Fund for MSME. The debt was provided by Camel Ventures and GlobalCorp.
📈 Strategic Expansion
The newly acquired funds will support Cartona's aggressive expansion in the FMCG and hospitality sectors. CEO Mahmoud Talaat stated, "This investment will propel our growth, enhance our platform, and provide more value to our customers." Cartona aims to increase its market share in Egypt and explore opportunities across the MENA region.
📊 Impressive Growth
Since its founding in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona has rapidly expanded its services to over 188,000 retailers across 17 cities in Egypt. The company grew its operations from three to 11 cities in just one year. The funds will help Cartona reach all Egyptian governorates and further refine its product offerings.
🌍 Future Prospects
With this new funding, Cartona is not just focusing on the Egyptian market. The company plans to venture into the broader MENA region, targeting opportunities in countries beyond Egypt. The debt portion of the funding will primarily address the working capital needs of local retailers, strengthening their position in a competitive market.
Will Cartona dominate the MENA e-commerce market?
