Egyptian car parts marketplace Odiggo raises $2.2m expansion funding
Egyptian car parts marketplace Odiggo raises $2.2m expansion funding
Written By TOM JACKSON
Egyptian startup Odiggo, a digital marketplace for automotive spare parts, has closed a US$2.2 million funding round to help it continue to expand into new markets.
Founded in 2018 by Ahmed Omar and Ahmed Nasser, Odiggo links customers with vendors in order to purchase car parts and accessories. It ensures users get the correct, best quality car parts at a convenient time, by allowing them to simply add their car information and location on Odiggo app and see what services and parts are available in their area.
Since its launch, the startup has served over 50,000 car owners across three markets – Egypt, the United Arab Emirates (UAE) and Saudi Arabia. The company also works directly with over 300 merchants, with merchant numbers having grown 40 per cent month-on-month while its user base has increased by 200 per cent.
“We believe we are at a watershed moment. It is incredible that since COVID hit, Odiggo has experienced over 10 times growth in the last year,” Omar said, adding that the startup is now on the road to an initial public offering (IPO) in the next few years.
To help it take advantage and continue to expand, Odiggo has now raised a US$2.2 million funding off the back of its participation in the Y Combinator S21 batch. YC is an investor, alongside 500 Startups, Plug and Play Ventures, Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh.
“We are excited to back Odiggo through our Afropreneurs Funds in its quest to transform the automotive parts market and provide superior service to clients, starting from MENA.
The leadership team of Omar and Nasser, supported by the rest of the employees, have been a joy to work with and we are on a countdown to the IPO,” said LoftyInc managing partner Idris Ayodeji Bello.
