Also participating in the seed investment is 500 Startups and PlugAndPlay, marking it as one of the most important investments yet for the automotive platform.
Egyptian-born, Dubai-based automotive tech platform, Odiggo, has raised $2.2 million in a seed round led by the world’s leading venture capital firms Y Combinator, 500 Startups and PlugAndPlay.
Odiggo, which was founded by Ahmed Omar and Ahmed Nasser in Cairo in 2019, has already witnessed rapid growth and success as the regional market welcomes its enhancement of the car servicing processes through its one-stop shop app for all things auto-related. Connecting customers with dealers, Odiggo works with over 300 merchants across Egypt, the UAE, and Saudi Arabia, serving over 45,000 users.
The disruptions caused by the COVID-19 pandemic to public transportation and the ride-hailing industry have contributed to the company’s increased demand. It has also encouraged its increased focus on logistics and supply chain visibility. And with $2.3 million raised in total seed-stage funding, it’s evident that investors are encouraged by its strategy and performance.
“We believe we are at a watershed moment,” said Ahmed Omar. “It is incredible that since covid hit, Odiggo has experienced over ten times growth in the last year.”
Odiggo is now hoping to make its rapid growth consistent, planning to expand its teams across the region, and paving the way to its ambition of an Initial Public Offering (IPO) by 2024.
“We are building an ecosystem for all car owners, suppliers and mechanics,” said Ahmed Nasser. “We aim to be the first $100 billion company coming out of the region.”