Egypt-based digital marketplace for automotive spare parts Odiggo, has raised $600,000 in a seed funding round from Essa Al-Saleh, former CEO of the billion-dollar logistics company, Agility Logistics, and UK-based Volta Trucks’ current chairman as well as CEO of Switzerland-based advisory and investment firm, Agitero AG.
Founded in 2017, Odiggo directly offers car parts and accessories sourced from different vendors. The startup has onboarded 2000 customers within its first seven months of operation.
Prior to its last funding, the startup was experiencing a 40 per cent month-over-month growth and has had a twelve-fold increase in its revenues compared to the same period.
“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,” said Ahmed Omar and Ahmed Nasser, founders of Odiggo.
The startup said that it is in the process of raising a new round to fuel its growth and enhance its product offering, according to Nasser. “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.”