Egyptian e-commerce startup Cartona has raised $8.1 million in a combination of debt and equity as part of a Series A extension, the company announced on Tuesday, July 30, 2024.
Funding Breakdown and Investors
The $2.5 million debt financing was provided in local currency by investment firms Camel Ventures and GlobalCorp.
The $5.6 million equity investment came from Algebra Ventures, along with investors such as Silicon Badia and the SANAD Fund for Micro, Small and Medium Enterprises (MSMEs).
Expansion Plans
Co-founded in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, Cartona plans to accelerate its growth in its domestic market while exploring expansion opportunities in new markets within the Middle East and North Africa (MENA) region.
“Our product rollout, vertical sectors, and offerings will continue to grow, as will our penetration of the Egyptian market,” said Mahmoud Talaat.
Previous Funding Round
This $8.1 million extension complements the $12 million raised in July 2022 to develop its products and services and explore new vertical sectors beyond fast-moving consumer goods (FMCG).
Egyptian Retail Market Growth
In Egypt, retail sales of food products grew by 3.4% year-on-year to reach $31.3 billion by the end of 2021, according to data from the U.S. Department of Agriculture (USDA) published in mid-September 2022.