Egypt-based digital marketplace for automotive parts, Odiggo, has raised $600,000 in a seed funding round from Essa Al-Saleh, former CEO of Agility Logistics and the current chairman of Volta Trucks and CEO of Switzerland based advisory investment firm Agitero AG.
The startup was launched in 2017, and it is a one-stop-shop for everything needed for a vehicle, making it easier for its customers to find the best quality car parts with the lowest prices possible. Within seven months the startup had garnered 2,000 customers on its web platform as well as their app and has since been experiencing 40% month-over-month growth.
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.”