Odiggo, the Egypt-based digital marketplace for automotive spare parts, has raised $600K in a Seed funding round. The round was split into two parts, with $300K being raised back in August of 2020 and another $300K in January 2021. The round was funded by Essa Al-Saleh, former CEO of the billion-dollar logistics company, Agility Logistics, and the current chairman of Volta Trucks, a UK-based tech auto-manufacturing company, as well as CEO of Switzerland-based advisory and investment firm, Agitero AG.
In August 2020, Essa backed Odiggo as an angel investor.
Are you a startup based in Egypt? Access over 90 Egyptian investors and enablers on MAGNiTT
Launched in 2017, Odiggo links customers with already established car parts and accessories from different vendors. It found popularity via its web platform and app, gaining 2,000 customers in its first seven months. Prior to their last funding, the startup was experiencing 40% month-over-month growth and has increased its revenue twelve-fold when compared to this time last year, the startup shared.
Co-Founders Ahmed Omar and Ahmed Nasser commented on the round, “We're working on bringing in the best team in the Middle East to help us gain the highest market share in what is a scattered trillion-dollar industry. We want to enhance our unit economics, empower our product-market fit and reach millions of car owners per month. Our product isn’t yet finished or complete enough for us to reach the highest conversion rates. That's why we will invest more in operations, support, and, of course, product.
“We’re currently raising a new round to expand and operate in new cities and build more channels for ease of accessibility to the marketplace for users,” Nasser explains. “We’re also pushing IoT solutions for our B2B business model, which can potentially help companies save millions of dollars on vehicle run-time and cut costs on vehicle downtime.”
Odiggo's vision is for people to push a button and have everything done for their cars.
Are you a startup looking for investment? Apply for funding to 110+ investors now