Egyptian digital auto spare parts market place, Odiggo, recently announced that it had secured a $600, 000 Seed funding from Saudi business executive and Board Chairman of Volta Trucks, Essa Al-Saleh. The funding round comes barely two years after the startup raised $180,000 in May 2019, thereby bringing its total funding rounds to $780, 000.
In a statement that was seen by Business Elites, Odiggo’s Co-founders — Ahmed Omar and Ahmed Nasser — said the investment will facilitate their plan to recruit the best talents from Middle East and generally scale up their operation.
“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.
“We’re currently raising a new round to expand and operate in new cities and build more channels for ease of accessibility to the marketplace for users. 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,” the Co-founders said.
Note that Odiggo received the money in two tranches, $300, 000 in the middle of 2020 and the remaining balance last December. Meanwhile, the startup is still working towards a new funding round that will facilitate its expansion into new cities.
The company, which was launched in 2017, works in such a way that customers in search of auto spare parts can easily be linked up with the vendors selling them. You can learn more about the company by visiting their website right here.
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