Egyptian startup Odiggo, a digital marketplace for automotive spare parts, has raised a US$600,000 seed funding round as it works on its expansion plans.
Launched in 2017, Odiggo links customers with vendors in order to purchase car parts and accessories, and has seen strong growth.
Having raised US$180,000 in funding in May 2019, the startup has now secured a seed round of US$600,000 from Essa Al-Saleh, former chief executive officer (CEO) of the billion-dollar logistics company Agility Logistics and current chairman of Volta Trucks, a UK-based tech auto-manufacturing company.
The cash came in two tranches, in mid-last year and this month, and Odiggo is also currently raising a new round to expand into new cities and build more channels for ease of accessibility to its marketplace for users.
“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,” co-founders Ahmed Omar and Ahmed Nasser said.