Cartona’s asset-light approach has allowed them to scale rapidly, as evidenced by their annualized gross merchandise volume (GMV) increasing from EGP 2.3 billion ($120 million) in 2022 to EGP 10 billion ($210 million) currently. This scalability is appealing to investors seeking high-growth potential.

Kenya’s high WhatsApp penetration, with 97% of internet users utilizing the platform according to a 2022 survey, has been a catalyst for Sukhiba’s growth.

The funding will be used to solidify Educatly’s presence in key markets across the Middle East and Africa, including Egypt, Saudi Arabia, the United Arab Emirates, Nigeria, Kenya, and Ireland.

Enygma Ventures, known for its focus on investing in women-led businesses in Africa, has found success in Zambia through its investments in both PremierCredit and Lupiya, from which it exited in February 2024 after the company repaid its outstanding debt.