Egypt’s Cartona raises $12mln in latest seed round

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Egypt

Egypt’s Cartona raises $12mln in latest seed round

Cairo - Egypt-based Cartona, a business-to-business (B2B) platform, has secured $12 million in a series A funding round, according to a press release on Monday.

Silicon Badia led the fundraising transaction, along with SANAD Fund for MSME, Arab Bank Accelerator, Sunny Side Ventures, Global Ventures, as well as Kepple Ventures.

The platform will use the proceeds of the investment to scale its operation across Egypt, develop its technology and services, in addition to exploring new verticals beyond the fast-moving consumer goods (FMCG) products.

Cartona is an e-commerce platform in the traditional trade market including mom-and-pop stores, FMCG producers, wholesalers, and distributors.

The latest funding round came less than one year after Cartona raised $4.50 million in a pre-series A round, which was led by Global Ventures.

Having a total of 60,000 users, the firm carries out around 1 million transactions annually. It operates with 200 FMCG companies, including Henkel, Unilever, Bel, Mondelez, in addition to about 1,500 distributors and wholesalers.

Namek Zu’bi, Founding Managing Partner at Silicon Badia, said:"We are thrilled to partner with the Cartona team to help them continue to disrupt the $120 billion Egyptian retail market through its B2B technology platform and embedded financial service offerings."

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