Egypt-based IoT devices manufacturer CardoO raises US$660K seed round
EGYPT – CardoO, an Egyptian based startup, has managed to attract its seed investment round, which amounted to US$660,000 dollars, 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).
CardoO CEO noted that this investment will allow his company to improve its 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.
CardoO, founded in 2018 by Ahmed Adel, seeks to become the top Arab brand that provides customers with premium and price-effective smart products that enrich their everyday lives by putting the newest cheap consumer electronics and IoT devices in MENA consumers’ hands.
CardoO provides current items for online, direct, and channel sales in addition to retail sales. Smart Watch, Wireless AirPods, Mobile gaming joysticks, CardoO I Note tablet for writing and sketching, CardoO smart scale).
Adel said that while some consumers feel that Internet of Things-supported consumer electronics are expensive, CardoO has signed several partnerships with local factories and international R&D centres to make their devices affordable for the middle class. With plans to expand in emerging countries, he indicated that the company had recently launched 9 new smart devices.
Crowd-farming startup Livestock Wealth secures US$55k funding from Khulisani Ventures
SOUTH AFRICA – Crowd-farming start-up, Livestock Wealth, has secured R10m (US$55,000) from Mineworkers Investment Company’s Khulisani Ventures.
Nchaupe Khaole, CIO of the MIO, confirmed that Khulisani Ventures invested R10 million in Livestock Wealth in a press release.
Livestock Wealth focuses on funding for cattle as it connects investors with farmers that require funding by using cattle as a form of investment.
Ntuthuko Shezi founded the Johannesburg crowd-farming start-up.
“Livestock Wealth is one such entity, with innovation at its heart. It is the perfect example of the kind of companies we continue to seek out mutually beneficial partnerships with,” remarked Khaole.
Shezi added that the funding and partnership from MIC will boost the company’s expansion plans.
Kenyans Solutech expands presence across 8 African countries
KENYA – Tech startup Solutech, a field salesforce and route-to-market automation company has strengthened its expansion with presence in eight countries on the continent.
“With the funding received from Google, we aim to expand to the Eastern and Western African markets. Additionally, we are aiming to diversify our product offerings to the service sector and complement Solutech with a B2B product for retailers,” CEO Alexander Odhiambo said.
Established in 2014 by four founders, Solutech now has a team of 30 and a product used by more than 6,000 people. The startup’s platform helps field sales teams sell more, and do so more efficiently, by leveraging on powerful insights.
Solutech solves that problem, providing real-time end-to-end visibility of retail distribution activities.
Solutech is fully customisable and has been fully integrated with leading ERPs like SAP, SAGE and Oracle, as well as M-Pesa. It is also integrating merchant financing, advancing credit to MSMEs through its partnership with Kenyan fintech startup Pezesha.
Until recently fully-bootstrapped, Solutech was this month among the 60 African companies backed by Google to receive non-dilutive funding from its Black Founders Fund. Funding or no funding, it has grown from zero customers in 2014 to over 60 in 2022, across eight different countries – Kenya, Uganda, Tanzania, Rwanda, Zambia, DRC, Ethiopia and Sudan.
Customers include Crown Paints PLC, GSM Africa, Flame Tree Group PLC, Car and General PLC, Senselet Food Processing PLC (Pepsico), Kenafric Industries Limited and Ketepa Limited.
Egypt-based Gaming platform Cryptyd raises new funding
EGYPT – Cryptyd Inc., a cryptocurrency company, has announced that it has closed a financing round with both new and returning investors.
The fresh funding round’s proceeds will go toward advertising the company’s core product, Baloot Quest, throughout the Gulf Cooperation Council (GCC) countries.
One of the most played games in Saudi Arabia and the rest of the Gulf Cooperation Council (GCC) is Baloot, a synchronous multiplayer game that calls for a high degree of expertise.
While there are numerous Baloot games out there, Baloot Quest stands out because to its emphasis on original artwork, gamification of the user experience, and introduction of cultural themes to draw players and encourage friendly competition.
Investment funds will also be utilised to fund the development of the company’s next game, which will focus on international markets.
Massachusetts-based Cryptyd, Inc. is a Delaware C Corp, and its Egyptian subsidiary, Cryptyd SA, is the company’s operational and development hub.
Cryptyd is one of the major games creation firms in MENA addressing both regional and worldwide markets, and it aspires to become the games development front for the area after being incubated by the AUC V-lab and subsequently the Google indie game accelerator programme in Singapore (Google IGA).
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