Grace Ashiru
CardoO, an Egyptian Internet of Things (IoT) startup, has received a seed funding round of $660,000.The seed funding round was led by the Alexandria Angels and included Sofico Investments, Saudi Arabian angel investors, and the European Bank for Reconstruction and Development (EBRD).
CardoO makes it easier for people in the MENA region to buy the newest, cheapest consumer electronics and Internet of Things (IoT) gadgets by selling them online, directly, via channels, and in stores.
We are excited to keep doing what we set out to do: sell tech gadgets and the Internet of Things. Ahmed Adel, the CEO, and founder of CardoO said, “We are happy to have strategic investors like Alexandria Angel Network, Sofico Investments, and angel investors from Saudi Arabia. We also want to thank the Information Technology Industry Development Agency (ITIDA) for helping us attend entrepreneurship conferences, network, and reach out to investors and industry professionals.”
With the new money, the business will be able to reach its goal of being the best place to buy high-quality smart gadgets in the Arab world. CardoO also plans to use the money to improve its services, launch the first high-quality IoT app, and let local companies make consumer electronics for the Internet of Things that are sold under the “CardoO” brand.
