Egypt’s Cartona raises $8.1m to provide retailers with working capital
TLDR
- Egypt-based B2B e-commerce platform, Cartona, raises $8.1 million in Series A extension for market expansion led by Algebra Ventures.
- Funding includes $5.6 million in equity and $2.5 million in debt from key investors like Silicon Badia and SANAD Fund for MSME.
- Cartona maintains strong financial stance post $12 million Series A funding last year with total Series A now at $20.1 million.
Cartona, an Egypt-based B2B e-commerce platform, has raised $8.1 million in a Series A extension, comprising $5.6 million in equity and $2.5 million in debt, from new and existing investors to expand its market share and assist retailers.
Venture Capital firm Algebra Ventures led the extension round, with participation from Silicon Badia and the SANAD Fund for MSME. The debt component was provided by Camel Ventures and GlobalCorp.
This additional funding comes a year after Cartona secured $12 million in Series A funding led by Silicon Badia, with participation from the SANAD Fund for MSME, to scale in Egypt. Cartona reportedly remains in a strong financial position, claiming to still have significant cash from the previous round. The 2024 funding brings its total Series A to $20.1 million.
Key Takeaways
Egypt has over 400,000 shops and thousands of international and local brands, with the retail sector growing annually by 8%. Reports indicate that the overall retail market size is $120 billion, with the food and beverage market worth $70 billion. Venture capital has driven market digitization in the country, fostering growth and competition among players like Cartona, the now-defunct Capiter, and MaxAB, which is currently in merger talks with Wasoko. Despite the millions of dollars in funding and the presence of similar companies across Africa, these ventures have barely scratched the surface or created significant value for stakeholders in the supply chain and the investors backing them.
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