Egyptian Internet of Things (IoT) startup CardoO has raised a US$660,000 seed round of funding to help it achieve its goal of becoming the leading Arab brand for premium and price-effective smart devices.
CardoO facilitates access to the latest affordable consumer electronics and IoT devices for MENA consumers, offering these products through online sales, direct sales, and channel sales, in addition to retail sales.
The startup’s US$660,000 seed round is led by The Alexandria Angels, with participation from Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development (EBRD).
CardoO will use the funding to improve its products, introduce the first superior application in IoT, and enable local manufacturers to produce consumer electronics for the Internet of Things under the brand name “CardoO”.
“We are excited to continue our journey in providing electronic devices and the Internet of Things. We are pleased to have strategic investors such as Alexandria Angel Network, Sofico Investments, and angel investors from Saudi Arabia, noting the role of the Information Technology Industry Development Agency (ITIDA) in supporting us in attending entrepreneurship conferences, networking and outreach to investors and industry professionals,” said said Ahmed Adel, CEO and founder of CardoO.