CardoO, an Egyptian Internet of Things (IoT) business, has acquired US $660,000 in a seed round of investment to support its mission of becoming the premier Arab brand for high-quality, cost-effective smart products.
By providing these items through online sales, direct sales, and channel sales in addition to retail sales, CardoO makes it easier for MENA customers to obtain the most recent cheap consumer electronics and IoT devices.
The Alexandria Angels, Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development all contributed to the startup’s US $660,000 seed round (EBRD).
The money will help CardoO develop its products, launch the first IoT application of outstanding quality, and enable regional manufacturers to make consumer electronics for the Internet of Things under the “CardoO” brand.
“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 Ahmed Adel, CEO and founder of CardoO.
