The Venture Codex

Participated · Series A · Jul 2022

Cartona is an asset-light B2B e-commerce marketplace that connects FMCG suppliers and wholesalers with retailers, offering technology, fulfillment, and embedded finance to improve supply-chain efficiency. The platform serves FMCG and a growing HORECA vertical while partnering with local suppliers rather than displacing them. Cartona reported annualized GMV of about EGP 10 billion (~$210M), up from EGP 2.3 billion (~$120M) in 2022, and now supports more than 180,000 retailers, 4,500 suppliers across 17 Egyptian cities, and over 40,000 SKUs. HORECA currently represents ~7% of GMV but yields double the blended take rates and average order value versus FMCG; the company expects HORECA to reach 15% of GMV by year-end. Cartona is very close to reaching full EBITDA profitability and has improved unit economics while shifting most merchant credit to local-currency financing. Embedded finance now constitutes more than 20% of Cartona's GMV (up from 2–3% in 2022), supporting inventory financing and financial inclusion for small merchants. The company plans to deepen operations in Egypt, expand the HORECA vertical and other product lines, and may pursue regional expansion, including Saudi Arabia. Cartona operates an asset-light B2B e-commerce marketplace that lets buyers order inventory from a network of curated sellers via an app with promotion tools and a market-insights dashboard. The company integrates technical connections with large manufacturers and warehouses and embeds BNPL into the order flow, allowing repayment with each product shipment. Cartona currently lends from its balance sheet but expects to secure credit lines and venture debt from partners by January next year. Management says the business is pursuing sustainable growth and positive unit economics in every city as it scales toward profitability. Operational metrics disclosed include 60,000+ merchants, over 1 million transactions, an annualized gross merchandise value of EGP 2.3 billion (~$120M), 1,500+ distributors and wholesalers, and relationships with roughly 200 FMCG companies. The startup launched in 2020 and has expanded from three cities to 11, with plans to cover all of Egypt's governorates and explore new verticals beyond FMCG. Founded in August 2020 and based in Cairo, Cartona operates an asset-light marketplace that connects retailers (buyers) with FMCG companies, distributors and wholesalers (sellers) through a single app. The platform provides real-time price comparisons, delivery-time visibility, an inventory and ordering system, and analytics to help suppliers optimize go-to-market execution. Cartona also offers embedded finance and access to credit for retailers and suppliers. Its revenue model includes commissions on orders, charging suppliers for advertising to merchants, and selling market insights on buyer behavior, price competition and market share. The company reports over 30,000 merchants on the platform, more than 400,000 orders processed, an annualized gross merchandise value of EGP 1 billion (~$64 million), and partnerships with over 1,000 distributors/wholesalers and 100 FMCG companies offering 10,000+ products. Cartona is expanding its team and operations beyond Cairo and Alexandria and is considering horizontal and vertical product expansion into pharmaceuticals, electronics and fashion.

Participated · Equity · Dec 2020

InvestSuite provides as-a-Service wealth- and investment-management solutions to financial institutions, with products including multi-asset trading (SelfInvestor), quantitative portfolio construction (Optimizer) and portfolio reporting (StoryTeller). The company has expanded its presence across London, Madrid, Amsterdam, Warsaw, Copenhagen and Sydney and serves clients on four continents. Founded in 2018 and headquartered in Leuven, InvestSuite has been growing steadily and has nearly doubled headcount since March, from 25 to 45 employees, adding multiple senior hires and expanding its development and quant teams. Financially, the startup has raised €9 million to date. Recent fundraising and hiring are aimed at supporting continued global expansion and product development. InvestSuite is a Leuven-based B2B wealthtech company offering AI-based digital investment solutions to financial institutions. Billed as "wealthtech-as-a-service", its product suite includes multi-asset trading (SelfInvestor), quantitative portfolio construction (Optimizer), and portfolio reporting (StoryTeller). The company targets financial institutions that need to meet digital-native customer expectations and compete with disruptive B2C fintechs. Founded in June 2018, InvestSuite raised a €2 million seed extension and has raised €6 million to date. The new funding will be used to expand market reach, grow the team, and develop the product. Management says demand has accelerated over the last six to twelve months and the company is engaging institutions across Europe, the Middle East, Australia and Brazil. Investsuite provides a white-label advisory solution for financial institutions, using investment advice based on a proprietary algorithm. The company targets traditional banks and wealth managers, aiming to accelerate deployment of innovative wealthtech products. It was co-founded by CEO Bart Vanhaeren, an experienced banking specialist, and CTO Laurent Sorber, a PhD in Mathematical Engineering. Headquartered in Leuven, Belgium, Investsuite also maintains an office in Warsaw, Poland. In 2019 the startup planned to expand its product range with a next-generation retail trading platform. The company recently raised external capital to support its growth and product expansion.