{"id":549881,"date":"2022-10-04T03:53:09","date_gmt":"2022-10-04T03:53:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/smart-device-maker-cardoo-secures-usd-660k-in-pretty-unique-seed-funding\/"},"modified":"2022-10-04T03:53:09","modified_gmt":"2022-10-04T03:53:09","slug":"smart-device-maker-cardoo-secures-usd-660k-in-pretty-unique-seed-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/smart-device-maker-cardoo-secures-usd-660k-in-pretty-unique-seed-funding\/","title":{"rendered":"Smart device maker CardoO secures USD 660k in (pretty unique) seed funding"},"content":{"rendered":"

<\/a> Homegrown <\/strong>smart device startup <\/strong>CardoO<\/a><\/strong> has landed USD 660k in a seed funding <\/strong>round<\/strong> led by Alexandria Angels<\/a> with investment from Sofico<\/a>, the European Bank for Reconstruction and Development (EBRD) and Saudi angel investors, the company said in a statement (pdf)<\/a> yesterday.<\/p>\n

What does CardoO do?<\/strong> CardoO sells affordable smart devices including smart watches, wireless earbuds, mobile game joysticks, and VR headsets. The company also operates an app which allows users to control products and link their devices with each other. The company has sold more than 100k units since its launch in 2019 via online stores and major retailers including BTECH, Amazon, and Virgin Megastore.<\/p>\n

This type of financing is a first for the local market:<\/strong> CardoO obtained the funds via a hybrid revenue-based and equity financing arrangement, which the company says is a first in Egypt. Under the arrangement, investors were able to split their investment between receiving equity and a portion of the company\u2019s revenues. They will now receive 3% of the company\u2019s monthly revenues until they receive three times the amount they paid in.<\/p>\n

The rationale: <\/strong>\u201cThe benefit of this type of financing is it allows you to raise funds without giving up a lot of equity to secure financing,\u201d CardoO CEO Ahmed Adel tells Enterprise. \u201cIt also gives us the opportunity to revisit the same investors and raise more funding without going through another round and valuations.\u201d<\/p>\n

CardoO has offshored its manufacturing \u2014 but says it\u2019s committed to localizing its operations:<\/strong> The company currently manufactures its devices in China but has signed several agreements with local factories to onshore production. The company will produce 100% of its devices in Egypt by next year, Adel says.<\/p>\n

Expansion plans:<\/strong> The funding will allow CardoO to expand its product line and scale the quantity of inventory, adding two or three devices by the end of 2023. The company is also exploring expanding into a similar emerging market either in the GCC or Africa by 2024, Adel says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homegrown smart device startup CardoO has landed USD 660k in a seed funding round led by Alexandria Angels with investment from Sofico, the European Bank for Reconstruction and Development (EBRD) and Saudi angel investors, the company said in a statement (pdf) yesterday. What does CardoO do? CardoO sells affordable smart devices including smart watches, wireless […]<\/p>\n","protected":false},"author":1,"featured_media":549882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[2510,72,131,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-cardoo","tag-enterpriseam","tag-manufacturing","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"5eda587f-d356-411d-a491-d2cf118b0613","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/126.jpg","photo_position":"above","related_issue":[549867],"teaser":"","voice_url":""},"yoast_head":"\nSmart device maker CardoO secures USD 660k in (pretty unique) seed funding - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/smart-device-maker-cardoo-secures-usd-660k-in-pretty-unique-seed-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart device maker CardoO secures USD 660k in (pretty unique) seed funding\" \/>\n<meta property=\"og:description\" content=\"Homegrown smart device startup CardoO has landed USD 660k in a seed funding round led by Alexandria Angels with investment from Sofico, the European Bank for Reconstruction and Development (EBRD) and Saudi angel investors, the company said in a statement (pdf) yesterday. 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The Alexandria-based company said that it had received \u201ccontributions\u201d from Alexandria Business Angels Network, without mentioning whether other investors were involved in the round.About Tawfeer Market: Launched in 2020, Tawfeer Market is an online\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596438,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egyptian-grocery-delivery-startup-trolley-raises-usd-200k-in-seed-funding\/","url_meta":{"origin":549881,"position":4},"title":"Egyptian grocery delivery startup Trolley raises USD 200k in seed funding","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"STARTUP WATCH- Cairo-based startup Trolley has raised USD 200k in seed funding from a Kuwaiti investor, Menabytes reports. Founder and CEO Mohamed Abbas said that the seed funding will be put towards marketing efforts, developing the company\u2019s website and app, and expanding the team. The company, which sells and delivers\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555147,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/delivery-startup-appetito-raises-usd-2-mn-pre-seed-funding\/","url_meta":{"origin":549881,"position":5},"title":"Delivery startup Appetito raises USD 2 mn pre-seed funding","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Cairo-based grocery delivery startup Appetito has raised USD 2 mn in pre-series A funding, the company said in a statement (pdf) last night. The round was led by US VC firm Jedar Capital and featured participation from Ghanaian investment company Golden Palm Investments, Africa-focused VC DFS Lab and a number\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549881"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549881\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549882"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549881"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549881"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}