CardoO raises $660k in a seed funding round led by The Alexandria Angels, with the participation from Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development (EBRD). The investment was a hybrid revenue-based and equity financing deal.
“The investment will allow us to improve our products, introduce the first superior application in IoT, in addition to enabling 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 to make Egypt an important hub for Consumer Electronics for the Internet of Things in emerging countries,” Ahmed Adel, CardoO’s Founder and CEO, stated.
The startup was founded in 2018, and it develops smart devices and aims to revolutionize consumer electronics through using the Internet of Things (IoT) technology.
Some of CardoO’s current products are the Virtual Reality Simulator, Smart Watch, Wireless AirPods, Mobile game joysticks, CardoO iNote tablet for writing and drawing, and CardoO smart scale.
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