Odiggo, an Egypt-based digital marketplace for automotive spare parts, has raised $2.2m in a seed funding round from the world’s top seed-stage venture capital firms: Y Combinator,500 Startups, and PlugAndPlay as well as Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh.
Founded in 2019 by Ahmed Omar and Ahmed Nasser, Odiggo operates a marketplace that connects car owners with service providers who can solve their problems, from servicing and repair to washing and maintenance. A commission-based model is used where Odiggo charges the car suppliers 20% commission on every transaction.
“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
“We raise to fuel our growth, that’s the main thing, so, mainly it’s focusing on technology and expanding our team in UAE, Saudi Arabia and Egypt,” said Omar.
The startup currently serves over 45,000 users across three regions and works directly with over 300 businesses to provide consumers with a smooth experience, as seen by constant growth of 40% month over month and a 200% rise in user base at the onset of the pandemic.
”We are very selective when onboarding, not just talent but potential investors and partners in this company. We realised we were at a time of growth and needed the right kind of partners not just to invest but to help us achieve our highly ambitious goals,” said founder Ahmed Nasser.
“This round of investing was the toughest yet, we went through a very rigorous process when trying to find the right fit, even turning down a few firms along the way.”