Participated · Series A · Sep 2021

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 · Oct 2018

Fourpost operates a new retail concept combining curated physical Studio Shops and a SaaS dashboard to connect shoppers and brands through community and experiences. The company provides Studio Shops with fixtures, signage, lighting, POS hardware, Wi‑Fi and access to amenities such as event space. Its SaaS dashboard offers members onboarding and account management, business training, calendars and event bookings, billing, storefront data, analytics and community tools. Fourpost aims to democratize the traditional department store experience for local, emerging and digitally native brands and leverages technology to help brands expand. The company announced curated Studio Shops and eateries opening November 1 at Mall of America and West Edmonton Mall, and said it will open several new locations in 2019. Fourpost is led by founder and CEO Mark Ghermezian and is based in New York City.

Participated · Seed · Feb 2016

Vive offers on-demand blowouts for a flat package rate at partner salons, with bookings available on short notice or far in advance. The service has booked more than 34,000 appointments since launch and works with over 230 salons across two cities, New York and Chicago. Vive initially charged $99/month for unlimited blowouts but has shifted to tiered pricing: one blowout for $35, three for $99, and five for $149. The founder, Alanna Gregory, says the vast majority of revenue comes from the unlimited tier, which remains the most popular option. The company recently launched a native app (previously a mobile web app) that enables bookings and Apple Pay tipping for stylists. These operational metrics and product changes accompanied the recent seed financing. Vive provides an app-based subscription that lets members pay $99/month for unlimited wash-and-dry blowouts via partner salons. Users can book appointments from 30 minutes to three days ahead, with availability advertised between 8 a.m. and 8 p.m., seven days a week. The company partners with 66 salons in neighborhoods such as Murray Hill, Midtown East, Flatiron, Upper West Side, Noho, Gramercy, Soho, and Tribeca and pays salons a fee for every blowout performed. Vive onboards and vets salons individually to ensure quality and to attach users to the Vive brand rather than individual salons. The service limits members to one blowout per day and has observed increased visit frequency among users. Vive reports it is profitable at its current $99 price point and is launching out of beta at Disrupt NY while seeking further growth.

Participated · Series A · Jan 2016

Inturn provides software that enables a two-sided marketplace to streamline the sale of unsold clothing and retail products through controlled offerings. An estimated $500 million worth of products are currently available on Inturn’s platform, and the company says it has attracted several marquee clients it declines to name. Inturn generates revenue from subscriptions and by taking a cut of processed transactions. CEO Ronen Lazar estimates a $250 billion addressable market and says the company aims to digitize slow, error-prone industry processes. Investors are backing rapid growth, with B Capital Group saying it will support Inturn at its next stage of growth. The startup was launched in 2013 and is based in New York. INTURN is a global B2B SaaS platform that reinvented the way brands and retailers sell and purchase off-price inventory, operating private online showrooms with a mutual opt-in process to protect brand integrity. The company’s first vertical focus is the $250 billion fashion and apparel sector. Its online marketplace brings buyers and sellers from around the world together and provides automated tools to replace manual, error-prone processes, helping retailers find inventory and brands recover inventory more profitably. INTURN plans to use the $9.7 million Series A to expand its sales and client services teams to support a growing network of global brands and retailers. The financing brings total funding to $13.6 million. INTURN has assembled an advisory board of off-price and retail leaders including Michael Newman, Stephen Milstein, Alexandra Wilkis Wilson, David Margolis and others. INTURN launched a B2B software platform that reinvents how fashion brands and retailers sell and purchase off-price inventory of apparel, footwear and accessories. The platform offers a private, secure marketplace with detailed product information, tailored transaction rules and analytics, and private online showrooms. INTURN’s first vertical focus is fashion and apparel and the product is designed to replace manual, spreadsheet-driven liquidation processes to increase profitability and reduce unnecessary discounts. The company cites a roughly $250 billion annual global off-price apparel inventory market as the opportunity it targets. INTURN is led by CEO and co-founder Ronen Lazar with co-founders Charlie Ifrah and Israel Schachter, and has enlisted industry veterans Michael Newman and David Margolis as advisors. The company announced it completed a $3.6 million capital raise to support its platform launch and growth.

Participated · Seed · Sep 2015

Saucey operates an on-demand alcohol-delivery service that lets customers order beer, wine and related items for fast delivery with no order minimum and no delivery fee. The company works with local retailers (including BevMo) to manage pricing and claims to have positive unit economics. Saucey employs 25 full-time staff and works with about 2,300 couriers, who are paid per order with guarantees in new zones; couriers provide their own insurance and undergo background checks. The service enforces strict age verification by scanning ID at delivery and charging a $5.50 service fee when ID is not provided and the order is returned. Saucey is available in several California cities and Chicago, and plans to expand into Texas and Florida while broadening assortment to mixers, snacks, cocktail packages and cheeses. The founders began the business in fall 2013 and position the company to compete with rivals like Drizly, Thirstie, Swill, Postmates, Instacart and Amazon. Saucey is a Los Angeles-based on-demand alcohol delivery service that has operated since 2013. Founded by Chris Vaughn, Daniel Leeb and Andrew Zeck after working together at TextPlus, the app lets users order beer, wine and spirits for rapid delivery in the greater L.A. area. The founders built early operations by partnering with local liquor stores and using a courier network, and the company deliberately held off on raising venture capital until this round. Couriers can run up to six deliveries per hour today, and Saucey plans to optimize infrastructure so couriers earn more per hour and delivery times get faster. Planned product improvements include backend optimization, broader selection, and personalization to tailor the shopping experience to individual users. The new funding will be used to improve customer service and increase sales by making the platform and backend more efficient.