SANAD Fund to empower Egyptian MSMEs through digital growth
July 27, 2022
The Equity sub-Fund II (ESF II) of the SANAD Fund for MSME (SANAD) has invested in Cartona, a leading B2B platform connecting the Egyptian retailers with suppliers digitally. The Series A fundraise of USD 12 million was led by Silicon Badia, a venture capital firm investing in global technology entrepreneurs, together with the active participation of SANAD. The fundraising round will position Cartona to boost its expansion across Egypt, enabling it to grow its product, technology, and services to reach more micro and small retailers.
Dr. Daniela Beckmann, SANAD Board Chairperson, stated: “We are incredibly proud of this transaction as it is the first investment of SANAD ESF II in Egypt, continuing the success of ESF I investments made in the country. By providing both financing and a software tailored to the market, Cartona’s digital platform is supporting innovative MSME retailers across Egypt, which will greatly contribute to SANAD’s mission of pursuing growth and employment creation across the region.”
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies.