CardoO, an Egyptian company that makes Internet of Things (IoT) devices, has received $660,000 in seed funding. The Alexandria Angels, Sofico Investments, Saudi angel investors, and the European Bank for Reconstruction and Development (EBRD) gave the company seed funding.
Ahmed Adel started CardoO in 2018 as a company that sells cheap smart devices that connect to the Internet of Things.
With this new funding, CardoO will be able to develop and improve its products even more, and local companies will be able to make IoT consumer devices with the CardoO brand.
CardoO’s seed round was led by Alexandria Angels
The Alexandria Angels led a $660,000 seed funding round for the Egyptian startup CardoO. The Saudi Arabian angel investors, the European Bank for Reconstruction and Development, and Egypt’s Sofico Investments also gave money.
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CardoO wants to be the leading Arab brand that gives customers high-quality, low-cost smart devices that improve their daily lives. Its goal is to give MENA consumers the newest, best, and cheapest consumer electronics and Internet of Things (IoT) gadgets.
Ahmed Adel is happy about this change and says, “We are thrilled to keep going down the path of selling electronic products and the Internet of Things.”
We are grateful to the Alexandria Angel Network, Sofico Investments, and Saudi Arabian angel investors who have taken a strategic interest in our company, as well as to the Information Technology Industry Development Agency (ITIDA) for funding our participation in entrepreneurship conferences, as well as our networking with and outreach to investors and industry professionals. We also like what the European Bank for Reconstruction and Development (EBRD) does for infrastructure.
The reason for the seed round
According to Adel, the Egyptian business for developing smart gadgets, “CardoO”, wants to transform consumer electronics supported by Internet IoT technology, and it also received the first hybrid revenue-based and equity funding transaction in Egypt, for a total of $660,000 in a seed round. It confirms CardoO’s status as a rapidly expanding name in IoT consumer electronics.
CardoO’s strategic plan calls for the company to gain a $200 million share of the Emerging Technologies market over the next five years. This is an attractive market, given that consumers in the Middle East and Africa spend about $25 billion annually on this market, while the middle class spends about $10 billion.
The CEO of CardoO also said that thanks to this investment, his company will be able to improve its products, release the first superior application in IoT, and allow local manufacturers to make consumer electronics for the Internet of Things under the brand name “CardoO,” giving them high-quality technologies to sell in local markets. This will make Egypt a major hub for consumer electronics for the Internet of Things in developing countries.
There is a huge hole in the market for IoT consumer electronics in the Middle East and Africa because products of this type are not readily available, there is no clear vision for provision, and neither businesses nor consumers are aware of the significance and potential benefits of this technology. In contrast, the average person in the developed world owns ten smart devices or three times as many as the average person in the developing world.
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CardoO also launched an app recently
According to Adel, CardoO has recently launched nine new smart devices, with plans to expand in emerging countries, despite the fact that some consumer segments believe that consumer electronics supported by the Internet of Things are expensive. This is because CardoO has signed several partnerships with local factories and international research and development centers to make the prices of their devices affordable for the middle class.
He said the CardoO App is the first “IoT” (Internet of Things) application in the region, adding that it allows users to manage all “CardoO” smart items from a single interface and to set up custom scenarios for how various CardoO products interact with one another. He said the app was user-friendly and worked with all voice assistants (including Siri, Alexa, Google Assistant, and others).
About CardoO
CardoO started in October 2018, and when its owners started the company, they had one goal: to improve their customers’ quality of life by spreading information and making innovations that meet, satisfy, and even exceed their expectations.