Cartona raises USD 12 mn series A funding
Egyptian B2B e-commerce platform Cartona has raised USD 12 mn in a series A round led by VC firm Silicon Badia, the company said in a statement (pdf). KfW’s Sanad Fund, Arab Bank Accelerator and Sunny Side Ventures also participated in the round together with existing investors Global Ventures and Kepple Ventures, which invested in the company in its USD 4.5 mn pre-series A round last September.
How it works: Launched in August 2020, Cartona operates a digital marketplace allowing grocery retailers to purchase fast-moving consumer goods from sellers online while receiving real-time price comparisons and estimated delivery times. The platform currently works with 200 FMCG companies, including household names Henkel, Unilever, Bel and Mondelez, along with 1.5k distributors and wholesalers.
The platform has acquired over 60k users in 11 cities around Egypt and currently processes around 1 mn orders a year with a gross merchandise value of EGP 2.3 bn. It launched two years ago.
New locations, new verticals: “By the end of 2023 we hope to have a presence in each governorate, and we’re exploring the possibility of expanding our services to other verticals, for example pharma or electronics or light construction materials would suit the dynamics of our platform,” CEO Mahmoud Talaat told Enterprise.