Odiggo, Egypt-based one-stop shop for car parts and accessories, has raised $2.2m in a funding round from the Y Combinator Summer 2021 batch.
Regional venture capitalists such as Seedra Ventures, LoftyInc Capital, and Easa Al-Saleh (CEO of Volta-Tucks) also participated in the competition.
Launched in 2019 by Ahmed Omar and Ahmed Nasser, the company operates a marketplace that connects car owners with service providers around them, who can solve their problems on demand, from service and repair to washing and maintenance.
By doing so, Odiggo is fulfilling a market need while increasing third party exposure and sales.
A commission-based model is applied as Odiggo charges car suppliers a 20% commission on each transaction.
Based on the Egypt Investment Report for the first half of 2021 issued by MAGNiTT, the delivery and logistics sector in Egypt received the lion’s share of the funding.
It noticed an 883% year-over-year growth in capital raising and jumped 6 places to make up 26% of all funds raised in Egypt in the first half of the year.
However, as moving people services compete head-to-head with moving things, especially with big tours like Swvl’s big exit and now big entrance for Odiggo, it appears that the transport sector is outperforming the next most funded industry in Egypt.
