EGYPT – 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.
Ahmed Omar and Ahmed Nasser launched Odiggo in December 2019. The company 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 and Odiggo charges the car suppliers 20% commission on every transaction.
CEO Omar said with this new round, Odiggo’s priority will be to attain consistent growth while expanding its team across the UEA, Saudi Arabia and Egypt.
“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 their 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 constant growth of 40% month over month and a 200 percent 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.”
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.
“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, said.
“At LoftyInc, we are always looking for balanced founding teams, with a bias towards execution, going after a large market, and Odiggo epitomises all of that.”
