Egyptian auto-tech startup, Odiggo has raised series of a funding round from the world’s leading venture capital firms: 500 Startups, Y Combinator and PlugAndPlay.
Until the involvement of these three VC firms, regional investors like Lofty Inc Capital, Seedra Ventures and Essa Al-Saleh have previously invested in the auto-tech startup.
Speaking on the groundbreaking funding round, Ahmed Nasser, Co-founder at Odiggo said:
“We are very selective when onboarding, not just talent but potential investors and partners in this company.
We realized 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.”
Explaining further, Nasser said that the latest funding round is the toughest the startup has undergone as they tried to seek the best fit and even in the process turning down a number of investors along the way.
According to the founder, the main objective of the startup following this raised fund is to expand its team across Egypt, UAE and Saudi Arabia while fuelling its technology growth by developing its dashboard platform.
Currently, Odiggo provides services to more than 45,000 users in the three countries of its operation, while working with more than 300 businesses.
As stated by the founder, Odiggo has seen a 40% constant growth over a month and a further 200% increase in its user base following the advent of the pandemic.
Also speaking on this funding round, Idris Ayodeji Belli, Managing Partner of LoftyInc Capital Management said:
“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 Naser, supported by the rest of the employees have been a joy to work with and we are on a countdown to the IPO.
At LoftyInc, we are always looking for balanced founding teams, with a bias towards execution, going after a large market, and Odiggo epitomizes all of that.”
“We as co-founders come from a growth background which led us to grow Odiggo exponentially for the past 18 months,” added the Co-founders
About Odiggo
Odiggo is a one-stop shop for everything that you need for your vehicle, either you’re looking for a cool accessory or a superior car part then Odiggo is your online place to be.
The startup is trying to help all car owners to find the best quality car parts with the lowest prices possible, along the ease of using technology.
Therefore the platform fulfills the need and the luxury when it comes to car parts and accessories, finding a car part has never been easy, filtering the prices and availability of all products in seconds.
Featured Image: Ahmed Nasser and Ahmed Omar (Co-founders of Odiggo)
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