Egypt’s Cartona raises an $8.1M Series A extension to provide retailers with working capital
Summary
VC firm Algebra Ventures led the extension round, with participation from Silicon Badia and the SANAD Fund for MSME. This 2024 funding brings its total Series A to $20.1 million.The company, which raised $4.5 million in pre-Series A in 2021, plans to use the $5.6 million in equity capital to expand its various verticals, including FMCG and HORECA, increase market share, and enter new large markets in the MENA region.The $2.5 million in debt capital, raised in local currency, will support working capital needs for local retailers facing capital access challenges.Mahmoud Talaat (CEO) and Mahmoud Abdel-Fattah (CTO) launched Cartona in August 2020 to connect buyers and sellers via a mobile app. The company aimed to cover Egypts governorates, enhance its product, technology, and services, and explore new verticals beyond FMCG. Over a year ago, it also launched the HORECA (hotel, restaurant, and caf\xe9/catering) vertical.We are committed to delivering our strategy which includes transforming the traditional trade market and creating value for all stakeholders in the marketplace. Our product rollout, verticals and offerings will continue to grow, as will our penetration of the Egyptian market, the CEO concluded, acknowledging its operational and financial metrics.