CardoO Raises $660,000 Seed round
CardoO, an Egyptian startup, aims to become the leading Arab brand that provides users with premium and price-effective smart devices CardoO, The Egyptian-based startup, has managed to attract its seed investment round of $660,000 led by The Alexandria Angels, with the participation of Sofico Investments, angel investors from Saudi Arabia, and the European Bank for […]
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Ahmed Adel, chief executive of CardoO
CardoO, an Egyptian startup, aims to become the leading Arab brand that provides users with premium and price-effective smart devices
CardoO, The Egyptian-based startup, has managed to attract its seed investment round of $660,000 led by The Alexandria Angels, with the participation of Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development (EBRD).
CardoO aims to become the leading Arab brand that provides users with premium and price-effective smart devices that enhance their daily lives by facilitating access to the latest affordable consumer electronics and Internet of Things (IoT) devices in the hands of MENA consumers.
CardoO offers many products that meet the market needs through cardoo.co online, direct, and channel sales, in addition to retail sales, with existing products. Virtual reality simulator”, smart watch, wireless AirPods, mobile game joysticks, CardoO i note tablet for writing and drawing, CardoO smart scale.
Ahmed Adel, CEO and founder of CardoO, said, “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. We are 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, in addition to the support from the European Bank for Reconstruction and Development (EBRD), in the provision of infrastructure services and advisory services.”
The Emerging Technologies market is promising, especially since consumers in the Middle East and Africa spend about $25 billion annually on this market. In comparison, according to its strategic plan, the middle class spends about $10 billion, and CardoO plans to acquire a $200 million market share in the next five years.
CardoO CEO added that this investment would allow his company to improve its products and introduce the first superior application in IoT.
According to research and studies, every middle-class person in the Middle East and Africa owns an average of three smart devices. It is expected that the average per capita ownership of smart devices in 2025 will reach ten devices, so there is a large gap in the market IoT Consumer Electronics in the region, as this type of product is unavailable. There is no clear vision for the provision or consumer awareness of its importance and how to benefit from it.
