Egypt’s Cartona has secured $8.1 million in a Series A extension ($5.6 million in equity and $2.5 million in debt). The round was led by Algebra Ventures, Silicon Badia, and Sand Fund, while debt financing came from Camel Ventures and GlobalCorp.

Why it Matters? The round comes even as investors pull back from the Egyptian market due to inflation and the decline of the Egyptian pound, which affects the startup ecosystem.

More to Know:

• Cartona was founded in 2020 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher.
• The startup connects retailers with wholesalers, suppliers, and factories to improve the FMCG supply chain.
• Cartona said it had onboarded 188,000 retailers on its platform and is operating in 17 Egyptian cities.
• The company raised $12 million in a 2022 Series A round led by Silicon Badia. The extension is bringing the total funding raised in the round to $20.1 million.