Cartona is a B2B startup that launched in 2020 to connect consumer goods producers and manufacturers to small retailers and restaurants. The startup closed its $12 million Series A round in 2022 to expand across Egypt. Algebra Ventures has led an $8.1 million Series A extension equity and round for Cartona. Silicon Badia, SANAD Fund for MSMEs, Arab Bank Accelerator, Kepple Ventures and other investors also participated. Camel Ventures and GlobalCorp provided $2.5 million in local currency debt.
Africa runs on informal trade. The number of startups across the continent tackling supply chain inefficiencies and digital services for informal retailers erupted in the pandemic. But the investment slowdown has hit Africa’s e-commerce sector hard.
Cartona, meanwhile, has scaled to 17 Egyptian cities and onboarded 188,000 retailers. Investors credited its focus on profitability.
“The team’s core focus on profitability, even when capital was cheap, helped establish credibility in debt discussions with banks and non-banking financial institutions,” said Omar Khashaba of Algebra Ventures.
