Cartona, Egypt-based B2B FMCG e-commerce marketplace, raised $12m in series A funding round led by Silicon Badia, and joined by SANAD Fund for MSME, Arab Bank Accelerator, Sunny Side Ventures, Global Ventures, and Kepple Ventures.
Cartona connects buyers and sellers across the supply chain, the marketplace directly connects retailers to FMCG producers and wholesalers, significantly facilitating business. The startup partnered with Henkel earlier this year to to facilitate Henkel’s reach of products to retailers and wholesalers.
“We are thrilled to partner with the Cartona team to help them continue to disrupt the $120 billion Egyptian retail market through its B2B technology platform and embedded financial service offerings. The market is hungry for these type of solutions and we believe Cartona’s asset-light approach will allow them to serve as many marketplace participants as possible in a highly efficient manner,” Namek T. Zu’bi, Founding Managing Partner at Silicon Badia, said.
The raised funds will allow the startup to cover all of Egypt’s governorates, grow its product, technology, and services, and explore new verticals beyond FMCG.
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