Dubai-based Global Ventures has led a group of investors backing a pre-Series A round for Cartona, a B2B eCommerce marketplace used by manufacturers, wholesalers, and retailers in Egypt’s FMCG sector to buy and sell products digitally. Between them, the investors are putting $4.5 million to work in the business, which was launched in August last year. The valuation terms of the deal have not been disclosed.
The other investors participating in the round include Kepple Africa Ventures, T5 Ventures, and a group of angel investors. The startup will use the funds to continue developing its technology, improving the user experience, and embedding finance within the product and order cycle. The company, which was founded by Mahmoud Talaat and Mahmoud Abdel-Fattah, focuses on solving the supply-chain and operational challenges posed by Egypt’s traditional offline market.
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