Egyptian technology start-up CardoO secured $660,000 in a seed investment round, according to a press release emailed on October 3rd.

The financing round was led by the Alexandria Angels with participation from Sofico Investments, the European Bank for Reconstruction and Development (EBRD), and Saudi Arabian angel investors.

According to the statement, CardoO plans to acquire $200 million of market share over the next five years.

CEO of CardoO Ahmed Adel noted that the recent investment will enable his company to improve products and introduce a new application in the Internet of Things (IoT).

Established in 2018, CardoO provides its clients in the Middle East and North Africa (MEAN) with access to the latest affordable consumer electronics and Internet of Things (IoT) devices.

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