Odiggo, an Egyptian auto-tech app based in Dubai, has secured a record-breaking round of funding from three of the world’s top seed-stage venture capital firms: Y Combinator, 500 Startups, and PlugAndPlay.
The investors join previous Regional VCs Seedra Ventures, Lofty Inc Capital, and also Essa Al-Saleh (Volta-Tucks CEO, the electric vehicles manufacturers) who will also be investing again for the third time.
“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. 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,” said founder Ahmed Nasser.
Odiggo’s major objective now will be constant expansion, following this recent round of funding. “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.
Odiggo will also spend a portion of its startup financing to continue developing its deep-tech dashboard platform.
Odiggo’s latest funding stems from its proven traction. Odiggo 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 the constant growth of 40% month over month and a 200 percent rise in user base at the onset of the pandemic.
How to raise $1,000,000 million+ through Venture Financing
“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!” said the Managing Partner of LoftyInc Capital Management, Idris Ayodeji Belli, adding: “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.”
Investors also seemed to have invested because of the backgrounds of the founders. The startup is led by a group of technical experts with global experience from organizations like FIFA, Hyundai, Jumia, and Reckitt Benckiser, to mention a few. Particularly, Nasser has been instrumental in the establishment of a number of famous businesses in recent years.
“New age players like Odiggo backed by founders who carry deep auto industry and technology experience are disrupting this large market by adopting rapid digitalization to improve operating efficiency and deliver a better experience to car owners,” said Seedra Ventures.
“We as co-founders come from a growth background which led us to grow Odiggo exponentially for the past 18 months,” said Ahmed Omar and Ahmed Nasser.
What You Need To Know About Odiggo
Odiggo was founded in 2019 by Ahmed Omar and Ahmed Nasser. It sells car parts and accessories directly from various vendors. Odiggo claims to have the largest catalog of auto spare parts in the MENA region. The startup makes money by charging 7 to 22 percent commission on every order made through their website or mobile app.
“We are on our way to IPO by 2024 with #BillionBookings as our next achievable goal. We are building an ecosystem for all car owners, suppliers, and mechanics. We aim to be the first $100 billion company coming out of the region,” said Ahmed Nasser.
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