Egypt’s start-up CardoO raises $660,000 in seed funding round

Egyptian start-up CardoO has attracted $660,000 in its first investment round, which led by the Alexandria Angel Network, Belgium Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development (EBRD).

The fund will help CardoO to grow market share in the region and boost technology manufacturing, according to Cairo-based company’s statement in Monday.

CardoO develops products including smart weighing scales, wireless earbuds, smart watches, gaming controllers, sketch tablets and virtual reality goggles, as it has about 120,000 users, according to its website.

The company has sold more than 100,000 different devices and provides its products through more than 1,000 retail units across Egypt, the statement said.

CardoO aims to acquire about $200 million worth of the emerging technologies market share in the Middle East and Africa in the next five years, its chief executive Ahmed Adel said.

Moreover, CardoO seeks to become the leading Arab brand by facilitating access to the latest affordable consumer electronics and IoT (Internet of things) devices in the hands of MENA consumers.