CardoO, an Egyptian IoT Devices Manufacturer Secured a $660,000 Seed Round

IoT device maker CardoO, based in Egypt, has raised a $660,000 seed round of funding, which was led by The Alexandria Angels and included angel investors from Saudi Arabia, Sofico Investments, and the European Bank for Reconstruction and Development (EBRD).

By enabling MENA customers’ access to the newest cheap consumer electronics and Internet of Things (IoT) gadgets, CardoO intends to establish itself as the leading Arab brand that offers people premium and cost-effective smart devices that improve their daily life.

We are pleased to continue our adventure in supplying electronic gadgets and the Internet of Things, said Ahmed Adel, the CEO and founder of CardoO, in response to this action.

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 European Bank for Reconstruction and Development (EBRD), in the provision of infrastructure services, we are pleased to have strategic investors like Alexandria Angel Network, Sofico Investments, and angel investors from Saudi Arabia.

In addition to retail sales of its current items, CardoO also does online sales, direct sales, and channel sales through its website, cardoo.co. “Virtual Reality Simulator,” “Smart Watch,” “Wireless AirPods,” “Mobile Game Joysticks,” “CardoO I Note tablet for writing and drawing,” and “CardoO smart scale” are examples of such technology.)

CardoO, an Egyptian startup that creates smart products, has received the first hybrid revenue-based and equity financing transaction in Egypt, according to Adel. CardoO also intends to transform consumer electronics by utilizing Internet of Things (IoT) technology. which agrees that CardoO is a brand that is rapidly expanding in the consumer electronics for the Internet of Things sector.

The Middle East and Africa’s consumers spend approximately $25 billion yearly on this market, while the middle class spends just about $10 billion. According to CardoO’s strategy plan, it expects to gain $200 million in market share over the next five years.

CardoO CEO added that this investment will enable his company to improve its products, introduce the first superior IoT application, as well as enable local manufacturers to produce consumer electronics for the Internet of Things under the brand name “CardoO” and provide them with high-quality technologies to local markets, allowing Egypt to become an important hub for Consumer Electronics for the Internet of Things in emerging countries.

There is a significant gap in the market for IoT consumer electronics in the Middle East and Africa because this kind of product is not available, and there is no clear vision for its provision, or consumer awareness of its importance and hygienic standards. Every middle-class person in the Middle East and Africa owns an average of three smart devices, and it is predicted that the average per capita ownership of smart devices in 2025 will reach 10 devices, up to three times the current market.

Adel stated that although some consumer segments believe that consumer electronics supported by the Internet of Things are expensive, CardoO has signed several partnerships with local factories and international research and development centers to lower the prices of their devices and support the local Egyptian industry. He also mentioned that the company had recently launched 9 new smart devices, with plans to expand in emerging countries.

He emphasized that the CardoO App is the first of its kind because it is the first “IoT”-focused application in the area, allowing users to control all smart “CardoO” products and design various scenarios for the devices’ interoperability. In order to provide customers with a smooth experience, he added that the program is simple to use and compatible with all voice assistant devices (Siri, Alexa, Google Assistant, and others).

It is worth noting that the Egyptian startup CardoO recently signed a partnership with the electronic retail giant “Amazon” to offer its products through its platform, and it has a similar arrangement with other electronic selling sites, in addition to making deals with many institutions and consumer electronics distribution companies, and CardoO seeks to build a brand and a robust business, to become the first startup in the Middle East and Africa, in developing and publishing mobile applications.