A US$4.5 million Pre-Series A funding round has been closed to help Cartona invest in new technology, launch new products, and expand across the country.
Global Ventures spearheaded the funding round, enlisting investors from both the MENA region and around the world to contribute.
Cartona was established in August of 2020, as a B2B e-commerce marketplace with the goal of digitizing the traditional, predominantly offline, trade market by improving supply chain and operational challenges for the FMCG industry.
With the startup’s asset-light marketplace, grocery retailers can order store needs from a curated network of suppliers, with the startup acting as a trusted intermediary. Cartona was founded in 2012 and has since gained over 30,000 users in Cairo and Alexandria, with 400,000 delivered orders totaling EGP1 billion (US$63.5 million) in annualized gross merchandise value. Offering consumers over 10,000 products, FMCG companies, distributors, and wholesalers work with the company to connect its platform to over 100 FMCG companies, 1,000 distributors, and wholesalers.
It is essential that small and medium-sized businesses are given the opportunity to operate their businesses efficiently while also stimulating growth. It is necessary for them to have access to credit, inventory, and payment services in order to do so. We’re committed to enhancing the B2B ecosystem by helping businesses innovate and utilize technology and supply chain innovation. As CEO and co-founder of Cartona, Mahmoud Talaat is dedicated to creating a strong network of digitally connected retailers who have greater control over their businesses by running a seamless daily operation.
Excited to lead the investment round, said Basil Moftah, general partner at Global Ventures. “Although the trade market is among the most complex and characterized by multiple critical inefficiencies across the value chain, it possesses several strategic opportunities as well. Cartona’s unique process optimizes the trade process while minimizing capital spent. The company has proven itself to be fast-growing over the previous year. This company has an experienced and capable founding team, so we are excited to join them on their third entrepreneurial journey.”
This new funding will be used to advance the technology’s capabilities in order to make the product experience more enjoyable for customers and to introduce embedded finance into the order process. Cartona has other plans in the works for Egypt as well.
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