E-commerce player Cartona raises USD 4.5 mn pre-series A funding
Egyptian B2B e-commerce platform Cartona has raised USD 4.5 mn in a pre-series A round led by the Dubai-based VC firm Global Ventures, the company said in a statement (pdf) yesterday. The Tokyo-based Kepple Africa Ventures, T5 Capital and a group of angel investors participated in the round. The company will use the money to upgrade its tech and introduce embedded finance to its platform.
What is Cartona? Founded in August 2020, Cartona operates a digital marketplace that allows grocery retailers to purchase fast-moving consumer goods (FMCG) from sellers online. It provides real-time price comparisons and estimated delivery times to retailers, while offering access to analytics to sellers. More than 10k products are listed on its platform including dry, fresh and frozen food.
Cartona has landed more than 30k users in Cairo and Alexandria since it started operating a year ago. It has processed more than 400k orders with an annualized gross merchandise value of EGP 1 bn. It works with 100 FMCG companies, 1k distributors and wholesalers.
Advisors: Venture by Shahid represented Cartona alongside Saman Sadeghi, a partner at Dutch law firm Van CampenLiem.
ALSO FROM PLANET STARTUP-
Cairo-based e-commerce platform Shiphaly raised an undisclosed six-figure round from Saudi and Egyptian angel investors, the company announced (pdf). The company did not disclose the currency in which they raised the round.
What does Shiphaly do? The platform connects shoppers who want to buy products sold overseas with travelers who can buy and deliver these products in return for a fee. Shoppers post the item they want to buy, wait to receive offers from travellers able to purchase it, and meet the traveller to pick it up.
Launched in late 2019, the startup had a tough 2020 due to covid and international travel bans but has started to see its fortunes turn around and through 2021 has seen delivery orders increase 25% month-on-month.
This isn’t the first time Shiphaly has received investment: The startup received an undisclosed amount of funding from Flat6Labs in 2019.