Silicon Badia has provided the Egyptian B2B eCommerce platform Cartona with a $12 million Series A funding. The SANAD Fund for Micro, Small, and Medium-Sized Enterprises has provided active support.
They doubled down in this round with prior investors Kepple Ventures and Global Ventures, who joined Cartona’s adventure the previous year. Some investors participating in the founding round include Sunny Side Ventures and Arab Bank Accelerator.
Cartona is a company that was established in 2019 through Mahmoud Abdelfattah, Rafik Zaher, and Mahmoud Talaat. The company is dedicated to the concept of a cashless future and makes investments in operational integration and integrated finance with all of its partners.
Cartona follows an asset-light approach to conducting business; the company does not own any cars, warehouses, or inventory.
Getting rid of inefficiencies in the supply chain in a way that doesn’t waste a lot of money and making it easy for a system of hundreds of thousands of shops that aren’t getting enough financial services allows Cortona to reach its goal of digitizing Egypt’s traditional, mostly offline business sector.
Mahmoud Talaat, the Co-founder and Chief Executive Officer of Cartona, stated that the company is “thrilled to have finished our Series A funding.”Our strategy is to be an asset-light,capital-efficient, business model that aims to enable all industry players, enhance operational efficiency, and be supported by sound unit economics strengthened by the support of new investors and the renewal of existing investors.
Cartona sees rapid and consistent expansion. Because there were so many chances for growth, it could rapidly scale up to process approximately one million transactions yearly.
Cartona is used by sixty thousand people and has partnerships with one thousand distributors, wholesalers, and two hundred FMCG firms. Some of these FMCG brands are household names such as Bel, Mondelez, Unilever, Henkel and Unilever.
Cartona will rapidly expand throughout Egypt to include every governorate with the help of the funding, as well as develop its goods, technology, and services, and investigate new industry verticals outside of the FMCG sector.