The round was led by Global Ventures, with participation from Kepple Africa Ventures, T5 Ventures and a group of angel investors. Proceeds will be used to invest in deepening the capabilities of the technology to enhance the user experience further and introduce embedded finance within the product and order cycle.
Historically, Egyptian retailers have had limited access to suppliers and limited visibility on rapidly changing market prices and available trade offers and have been dependent on traditional logistical capabilities. Cartona is designed to eliminate inefficiencies across the value chain, from buyers to sellers, by providing enhanced visibility through real-time price comparisons and superior clarity on delivery times while allowing FMCGs and suppliers to optimise their go-to-market execution through the use of data and analytics.
The company was co-founded by Mahmoud Talaat, the former Chief Commercial Officer of Lamar Egypt, who helped build and scale the company into a leading position with a twenty per cent market share. Mahmoud also founded Speakol – a Mena-focused advertisement technology platform serving over 60 million monthly users.
Mahmoud Talaat, CEO and Co-founder of Cartona said, “Small and medium retailers deserve the opportunity to operate their businesses efficiently while delivering growth simultaneously. To do so, they need access to credit, inventory and payment services. We are dedicated to empowering the B2B ecosystem through technology and supply chain innovation. Cartona is committed to building a strong network of digitally connected retailers that have better control over their businesses through running a seamless daily operation.”
Mahmoud Abdel-Fattah, CTO and Co-founder of Cartona said, “It is time to capitalise on technology beyond warehouses and trucks. Data and technology will transform traditional retail to a digitally-native one, which in return will drastically improve the supply chain efficiency.”
Basil Moftah, General Partner at Global Ventures, said, “We are really excited to lead this investment round in Cartona. The trade market is one of the most sophisticated yet characterised by multiple critical inefficiencies across the value chain. Cartona’s asset-light approach tackles those inefficiencies by optimising the trade process in unique ways and does so with minimal capital spent. The company has already demonstrated consistently stellar growth over the past year. We are thrilled to partner with the company’s solid, capable and experienced founding team on their third entrepreneurial journey.”