Funding Roundup: Early Funding Rounds Secured by Cartona, DealCart and Others

Jul 29, 2022

It has been a fantastic week for startups in the e-commerce, logistics and supply chain space. In this week’s Ecosystem Funding Roundup, we are thrilled to feature 6 of their notable achievements:

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Cartona Series A Funding 

Egyptian retail-tech startup Cartona bags $12M in Series A funding round led by Silicon Badia. The B2B e-commerce startup enables grocery retailers to order their store needs digitally from a curated network of sellers. The new funding will be utilized to turbo-charge Cartona’s expansion across Egypt and enhance its product and technology capabilities to explore new verticals beyond FMCG. 

  • Year Founded: 2020

  • Founders: Mahmoud Abdelfattah, Mahmoud Talaat, Rafik Zaher

  • Location: Giza, Egypt

  • Latest Funding: $12M Series A

Lead Investors: Silicon Badia

The Fashion Kingdom Seed Funding 

The Fashion Kingdom, Egypt’s curated fashion and beauty e-commerce marketplace closed a $2.6M seed funding deal with CVentures. The e-commerce startup strives to accelerate the growth of its 360-degree value proposition that allows a one-stop operational platform for brands through building scalable technology and expanding the team. 

  • Year Founded: 2020

  • Founders: Fadi Antaki

  • Location: Cairo, Egypt

  • Latest Funding: $2.6M Seed

  • Lead Investors: CVentures

DealCart Pre-Seed Funding 

Karachi-based commerce startup DealCart raised $4.5M in pre-seed funding. Utilizing gamification and social commerce, DealCart allows customers to buy products as a group to unlock discounted prices and 24-hour deliveries. The company plans to channel the capital to further develop its platform as well as expand the team. 

  • Year Founded: 2022

  • Founders: Haider Raza, Ammar Naveed

  • Location: Karachi, Pakistan

  • Latest Funding: $4.5M Pre-seed 

  • Lead Investors: Shorooq Partner

Balance Series B Funding 

B2B payment experience company, Balance, closed a $56M Series B funding round. Balance supports B2B e-commerce merchants by digitizing those capabilities through one-click checkout payment tools. The new funds will help to expand the startup’s offerings to global e-commerce platforms and enable B2B merchants to grow their digital revenues.

  • Year Founded: 2021

  • Founders: Yoni Shuster, Bar Geron

  • Location: San Francisco, United States

  • Latest Funding: $56M Series B

  • Lead Investors: Forerunner

Packworks Seed Funding 

Philippines-based mobile enterprise resource planning firm, Packworks, secured $2M in seed funding. The startup aims to leverage the new funds to digitalize small neighborhood sari-sari stores by further developing and optimizing its operational tools through its super app, ‘The Pack’, and expand its network of partners on the platform.  

  • Year Founded: 2018

  • Founders: Bing Tan, Hubert Yap, Ibrahim Bernardo 

  • Location: Makati, Philippines

  • Latest Funding: $2M Seed 

  • Lead Investors: Fast Group, CVC Capital Partner

Frontegg Series B Funding 

Frontegg, the leading user management service for developers who build B2B Software-as-a-service apps, closed a $40M Series B round. Given the massive gap in the SaaS market, the company plans to use the new capital by expanding its product offerings, invest in its infrastructure as well as scale its R&D and go-to-market teams in both Tel Aviv and the San Francisco.

  • Year Founded: 2019

  • Founders: Aviad Mizarachi, Sagi Rodin 

  • Location: Tel Aviv, Israel 

  • Latest Funding: $40M Series B

  • Lead Investors: Stripes, Insight Partners

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