RIYADH: Egypt-based B2B trade market platform Cartona has raised $12 million through a series A funding round led by global venture capital firm, Silicon Badia.
The platform connects retailers and sellers by digitizing the trade market and creating an online marketplace enabled by technology.
The company is planning to use its funding to boost expansion across Egypt, as well as strengthen its technology and offerings.
“The market context for Cartona is hugely attractive, and we are just getting started. Egypt has hundreds of thousands of mom-and-pop stores who are core to our business model,” Mahmoud Talaat, CEO and co-founder of Cartona, said in a statement.
Founded in 2019, Cartona has over 60,000 users working with 200 fast-moving consumer goods companies as the sector in Egypt is growing annually by 8 percent.
