Egypt's B2B Marketplace Cartona raises $4.5m Pre-Series A

Egypt's B2B Marketplace Cartona raises $4.5m Pre-Series A
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Updated 21 September 2021

Egypt's B2B Marketplace Cartona raises $4.5m Pre-Series A

Egypt's B2B Marketplace Cartona raises $4.5m Pre-Series A
  • The Egypt-based team plans to use its newly acquired funds to further develop its Tech Stack
  • MENA-based E-commerce startups have observed steady growth this year

Cartona, the Egypt-based B2B platform connecting retailers to manufacturers and wholesalers, has successfully raised $4.5 million in its latest funding round, led by Global Ventures, MAGNiTT reported.

Kepple Africa Ventures, T5 Ventures, and a group of key angel investors also participated in leading the Pre-Series A round.

The Egypt-based team plans to use its newly acquired funds to further develop its Tech Stack, launch new products and expand geographically across Egypt. The technology stack is a combination of programming languages, frameworks, and tools that developers use to build a web or mobile app.

Cartona was launched in August last year to digitize the traditional, predominantly offline trade market in Egypt, enabling grocery retailers to order their store needs digitally from a curated network of sellers.

Since its launch, Cartona has aggregated over 30,000 users in Cairo and Alexandria. It has processed over 400,000 delivered orders with an annualized gross merchandise value of  over $63 million. 

Cartona works with 100 fast moving consumer goods (FMCG) companies, 1,000 distributors, and wholesalers, offering consumers over 10,000 products listed on its platform including dry, fresh, and frozen food.


MENA-based E-commerce startups have observed steady growth this year, according to MAGNiTT's August 2021 Venture Investment Dashboard.

The E-commerce industry has been the second most active and third most funded industry in MENA over 2021 year to date, driven by an eight percent year-on-year increase in number of deals closed in the region, and a solid 78 percent year-on-year growth in amount of funding.


Iraq oil minister sees oil prices at $100 in early 2022

Iraq oil minister sees oil prices at $100 in early 2022
Updated 10 sec ago

Iraq oil minister sees oil prices at $100 in early 2022

Iraq oil minister sees oil prices at $100 in early 2022

Crude oil prices could reach $100 per barrel in the first or second quarter of next year as global inventories are at their lowest level, Iraqi Oil Minister Ihsan Abdul Jabbar said on Wednesday.


UAE-based Fintech Galaxy closes $2m seed round for Open Finance development

UAE-based Fintech Galaxy closes $2m seed round for Open Finance development
Updated 11 min 38 sec ago

UAE-based Fintech Galaxy closes $2m seed round for Open Finance development

UAE-based Fintech Galaxy closes $2m seed round for Open Finance development

RIYADH: The first UAE-based open finance platform, Fintech Galaxy, has successfully raised $2 million in its latest funding round, MAGNiTT reported.

Payouts were led by Jordan’s Ahli Fintech, with Saudi Raz Holding Group, OMQ Investments, EFG EV Fintech Fintech, and INSEAD Saudi Angel Investors also contributing.

Fintech Galaxy plans to utilize its newly acquired funds to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (MENA) markets.  

Founded in 2018, the platform will provide access to customer data from partner banks through its Open Banking APIs, while allowing developers to build new apps and services. 

This comes as Open Finance is the next step in the Open Banking journey, which is widely adopted now in many countries, including Saudi Arabia. The Saudi Central Bank (SAMA) is launching a framework for Open Banking in the Kingdom during the first half of 2022, according to MAGNiTT.

By the third quarter of 2021, every fourth transaction in the UAE was closed by a UAE-based FinTech, observing more than 700 percent year-on-year growth in funding to rank as the top industry by volume of funding and number of deals, according to a MAGNiTT report.

Major rounds by Tabby, BitOasis, and Sarwa paved the way for an impactful conversation around the new generation of finance in MENA, the report revealed.


Fertiglobe sets mid-range IPO price, gross proceeds of around $795m

Fertiglobe sets mid-range IPO price, gross proceeds of around $795m
Updated 15 min 54 sec ago

Fertiglobe sets mid-range IPO price, gross proceeds of around $795m

Fertiglobe sets mid-range IPO price, gross proceeds of around $795m
  • Its shares are expected to list on the Abu Dhabi stock market on October 27

 Fertiglobe, a joint venture between Abu Dhabi National Oil Co and chemical producer OCI, said its initial public offering was priced at 2.55 dirhams ($0.6943) a share, raising around $795 million for its shareholders.

The price is in the middle of the 2.45-2.65 dirhams per share range the company had set out and gives it a market capitalisation of about $5.8 billion, Fertiglobe said in a statement on Wednesday.

"The final offer price was set in the middle of the range by the selling shareholders, with the objective of providing an attractive investment opportunity for new shareholders," the statement said.

The maker of fertilisers and clean ammonia products said the offering received strong demand from international, regional and local investors.

Its shares are expected to list on the Abu Dhabi stock market on October 27, the statement said.
 


G20 leaders summit to focus on climate, pandemic recovery: Italy's Draghi

G20 leaders summit to focus on climate, pandemic recovery: Italy's Draghi
Getty Images
Updated 28 min 51 sec ago

G20 leaders summit to focus on climate, pandemic recovery: Italy's Draghi

G20 leaders summit to focus on climate, pandemic recovery: Italy's Draghi
  • The Rome summit is seen as particularly important because it comes just before the United Nations COP26 climate change conference

 The summit of the G20 leaders scheduled in Rome at the end of this month will focus on the fight against climate change, coronavirus and the measures required for a global recovery after the pandemic, Italian Prime Minister Mario Draghi said on Wednesday.


"Without the involvement of the world's largest economies, we will not be able to comply with the Paris Agreement and limit global warming," Draghi told Senate in remarks ahead of this week's European Council meeting.


The Rome summit is seen as particularly important because it comes just before the United Nations COP26 climate change conference to be held in Glasgow, Scotland, where the position of G20 nations will be critical.


SAMA Governor handed key G20 role overseeing international financial standards

SAMA Governor handed key G20 role overseeing international financial standards
Updated 47 min 6 sec ago

SAMA Governor handed key G20 role overseeing international financial standards

SAMA Governor handed key G20 role overseeing international financial standards

RIYADH: The G20's Financial Supervisory Board (FSB) has appointed the Saudi Central Bank Governor Fahd Al-Mubarak as chair of the Standing Committee on Standards Implementation (SCSI), SPA reported.

This came during the FSB's general session virtual meeting on Monday.

The SCSI conducts peer reviews for members of the FSB, encourages global adherence to international financial standards, and reports on the progress made by members in implementing these standards and other agreed commitments of the Group of Twenty (G20) and the FSB.

Two other appointments were also announced during the meeting. 

The Governor of the Bank of England (BoE), Andrew Bailey, was appointed as chair of the Standing Committee on Supervisory and Regulatory Cooperation (SRC).

This committee is responsible for addressing the main financial stability risks related to the development of supervisory and regulatory policies.

Chairman of the Federal Deposit Insurance Corporation, Jelena McWilliams, was appointed as the chair of the Resolution Steering Group (ReSG), as of November 1 2021.