Cairo – Mubasher: Cartona, Egypt's fastest-growing B2B E-commerce marketplace, has completed an $8.10 million Series A extension fundraising, according to a press release.
The funding round was led by Algebra Ventures, Silicon Badia, and the SANAD Fund for MSME.
In addition to this investment, Cartona holds a cash position from its previous $12 million Series A funding, which was led by Silicon Badia.
Meanwhile, this fundraising includes $2.50 million in debt capital from leading debt providers (Camel Ventures and GlobalCorp), which aligns with Cartona’s strategy to diversify sources of capital.
Mahmoud Talaat, CEO and Co-Founder of Cartona, said: “Our operational and financial metrics are all progressing very positively which has helped us to attract capital from existing and new investors.”
“We are committed to delivering our strategy which includes transforming the traditional trade market and creating value for all stakeholders in the marketplace,” Talaat added.
Omar Khashaba, General Partner at Algebra Ventures, commented: "The asset-light nature of its model creates scalable infrastructure that can quickly be adapted for entry into new markets and adjacencies.”
