EGYPT – Odiggo, an Egypt-based digital marketplace for automotive spare parts, has raised US$600,000 in a Seed funding round funded by Essa Al-Saleh, the current chairman of Volta Trucks, a UK-based tech auto-manufacturing company.
Essa, who is also the CEO of Switzerland-based advisory and investment firm, Agitero AG and former CEO of the billion-dollar logistics company, Agility Logistics, was an angel investor in August 2020.
The round was split into two parts, with US$300,000 being raised back in August of 2020 and the rest in January 2021.
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.
“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,” co-founders Ahmed Omar and Ahmed Nasser commented on the round.
“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.”
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.
“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.”
In 2018, Odiggo raised US$180,000 as seed funding at the valuation of US$1.25 million from Saeed Al Jaberi, a Saudi angel investor.
Oddigo is exclusive online sales partner of Valeo, a French global automotive supplier. Valeo has over 30,000 of their products listed on Oddigo that are being shipped directly from their warehouse in Turkey to anywhere in the world, for the orders placed through Oddigo’s website and mobile apps.
Odiggo’s vision is for people to push a button and have everything done for their cars.
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