The investment, comprising $5.6 million in equity and $2.5 million in debt, was led by Algebra Ventures with participation from existing investors Silicon Badia and the SANAD Fund for MSME. Camel Ventures and GlobalCorp provided the debt financing.

Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona connects buyers and sellers through a mobile app.
The platform currently boasts over 188,000 retailers and operates in 17 Egyptian cities.

The fresh capital will be used to expand Cartona’s operations in the fast-moving consumer goods (FMCG) and hospitality sectors, increase market share, and explore new markets in the Middle East and North Africa (MENA) region. 
Additionally, the debt financing will support working capital needs for local retailers.

“We are thrilled to secure this additional funding, which reinforces our position as a market leader,” said Mahmoud Talaat, CEO of Cartona. “This investment will enable us to accelerate our growth, enhance our platform, and deliver even greater value to our customers.”

Cartona has experienced rapid growth since its inception, expanding its reach from three to 11 Egyptian cities in just one year.

The company aims to cover all of Egypt’s governorates while continuously improving its product offerings and exploring new business verticals.