CardoO, an Egyptian Internet of Things (IoT) startup, has received $660,000 in a seed funding round.
The Alexandria Angels led the seed funding round, which also included Sofico Investments, Saudi Arabian angel investors, and the European Bank for Reconstruction and Development (EBRD).
For consumers in the MENA region, CardoO makes it easier for them to get their hands on the newest, most cheap consumer electronics and IoT gadgets by selling them online, directly, through channels, and in stores.
“We are eager to carry on with our mission of offering technological 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, noting the role of the Information Technology Industry Development Agency (ITIDA) in supporting us in attending entrepreneurship conferences, networking, and outbound outreach to investors and industry professionals.
With the new funds, the business will be able to realize its ambition of dominating the Arab market for high-quality, cost-effective smart gadgets.
Additionally, CardoO plans to use the funds to enhance its offerings, launch the first IoT application of outstanding quality, and allow regional manufacturers to develop consumer electronics for the Internet of Things under the “CardoO” brand.
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