{"id":564277,"date":"2021-08-22T13:45:38","date_gmt":"2021-08-22T13:45:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/odiggo-lands-usd-2-2-mn-seed-funding-plans-nasdaq-ipo\/"},"modified":"2021-08-22T13:45:38","modified_gmt":"2021-08-22T13:45:38","slug":"odiggo-lands-usd-2-2-mn-seed-funding-plans-nasdaq-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/odiggo-lands-usd-2-2-mn-seed-funding-plans-nasdaq-ipo\/","title":{"rendered":"Odiggo lands USD 2.2 mn seed funding, plans Nasdaq IPO"},"content":{"rendered":"

<\/a> Odiggo lands seven-figure USD seed funding, plans Nasdaq IPO:<\/strong> Egyptian auto startup Odiggo<\/a> has secured USD 2.2 mn in seed finance as part of the Y Combinator 2021 summer batch, TechCrunch<\/a> reports. 500 Startups, Plug and Play Ventures, and a number of regional VCs including Seedra Ventures and LoftyInc Capital joined Y Combinator in the round.<\/p>\n

An IPO on the biggest tech exchange in the world will help it go global:<\/strong> The company wants to go public on the Nasdaq by 2024, co-founder Ahmed Nasser tells Enterprise. It has ambitions of becoming the MENA region\u2019s first USD 100 bn auto company.<\/p>\n

Swvl became the first Egyptian company to announce a Nasdaq listing last month<\/strong>. The transport app will go public in the US through a merger with US SPAC Queen\u2019s Gambit Growth Capital in an agreement that values the company at around USD 1.5 bn.<\/p>\n

What\u2019s Odiggo? <\/strong>Co-founded by Ahmed Omar and Ahmed Nasser in late 2019, the tech startup operates an app that allows drivers to connect with suppliers and service providers near them. In return for using its app, Odiggo charges companies 20% commission on every transaction.<\/p>\n

New tech, new staff:<\/strong> The company plans to use the funding to further develop its product and integrate new technologies, Nasser told Enterprise. It will also expand its team in Egypt, the UAE and Saudi Arabia.<\/p>\n

And it has big expansion plans:<\/strong> The company launched in Egypt and has since expanded to Dubai<\/a>. Its founders said in June<\/a> that it is now targeting Riyadh and other GCC countries as part of its regional expansion plans. And following the latest funding round, it's looking beyond MENA. \u201cOnce we master the region, we\u2019re going to go for the global competition,\u201d Nasser said.<\/sup><\/p>\n

IN OTHER STARTUP-RELATED NEWS-<\/strong><\/p>\n

Arab Bank has launched its fintech accelerator program in Egypt<\/strong>, the bank said in a statement (<\/a>pdf<\/a><\/sup>)<\/a>. Initially launched in Jordan in 2018, the \u201cAB Accelerator\u201d program will now invest in early-stage Egyptian fintech startups as well as companies involved in other related technology verticals, such as cybersecurity and AI to help them scale their business across the MENA region. Companies can apply to join the program here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Odiggo lands seven-figure USD seed funding, plans Nasdaq IPO: Egyptian auto startup Odiggo has secured USD 2.2 mn in seed finance as part of the Y Combinator 2021 summer batch, TechCrunch reports. 500 Startups, Plug and Play Ventures, and a number of regional VCs including Seedra Ventures and LoftyInc Capital joined Y Combinator in the […]<\/p>\n","protected":false},"author":1,"featured_media":564278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10043],"tags":[144,633,3413,219,95,123,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-startup-watch","tag-automotive","tag-enterprisepm","tag-odiggo","tag-saudi-arabia","tag-startup-watch","tag-startups","tag-uae","wpautop","entry"],"acf":{"mongo_id":"967b83f3-412b-4d4c-8170-950dfcf95128","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/491.jpg","photo_position":"above","related_issue":[564273],"teaser":"","voice_url":""},"yoast_head":"\nOdiggo lands USD 2.2 mn seed funding, plans Nasdaq IPO - 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The funding came either following the companies closing pre-seed rounds, or as boosters to companies that are looking to expand and complete acquisitions.The startups: The Egyptian startups include Cairo-based delivery service ShipBlu, ins.\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556010,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/digital-ins-startup-amenli-raises-usd-2-3-mn-in-seed-round\/","url_meta":{"origin":564277,"position":1},"title":"Digital ins. startup Amenli raises USD 2.3 mn in seed round","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"Egypt-based digital ins. startup Amenli raised USD 2.3 mn in a seed round, TechCrunch reported yesterday. The round was co-led by P1 Ventures, Global Founders Capital, and Anim Fund, and also included Costanoa Ventures, Liquid2 Ventures, Cliff Angels and other angel investors. The company will use the proceeds to expand\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566392,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/flat6labs-hits-first-close-on-usd-20-mn-jordan-fund-egypts-odiggo-expands-to-dubai\/","url_meta":{"origin":564277,"position":2},"title":"Flat6Labs hits first close on USD 20 mn Jordan fund + Egypt\u2019s Odiggo expands to Dubai","author":"enterpriseam admin","date":"16 June 2021","format":false,"excerpt":"Cairo-headquartered startup accelerator Flat6Labs has reached a USD 7.4 mn first close on a USD 20 mn seed fund targeting companies in Jordan. The Jordan Seed Fund will invest in early-stage startups in ICT, software solutions, education, healthcare, digital content, manufacturing, renewable energy, agriculture, big data, and fintech, according to\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/delivery-startup-shipblu-secures-usd-2-4-mn-seed-round\/","url_meta":{"origin":564277,"position":3},"title":"Delivery startup ShipBlu secures USD 2.4 mn seed round","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"Last mile delivery startup ShipBlu raised USD 2.4 mn in a seed round led by Saudi Arabia\u2019s Nama Ventures, according to TechCrunch. Though the company did not specify how the funds would be deployed, co-founder Ali Nasser told the tech outlet that he wants ShipBlu\u2019s network and infrastructure to span\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577853,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/saudi-auto-startup-morni-is-on-the-lookout-for-egyptian-acquisitions\/","url_meta":{"origin":564277,"position":4},"title":"Saudi auto startup Morni is on the lookout for Egyptian acquisitions.","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"Saudi Arabia\u2019s Morni is eyeing acquisitions in Egypt: Saudi roadside assistance and automotive service provider Morni is looking to debut in the Egyptian market by acquiring local firms, and has hired Exits as its buy-side advisor, according to a statement(pdf) out yesterday. The startup plans to invest USD 10 mn\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/128.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598043,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/odiggo-receives-usd-180k-saudi-investment\/","url_meta":{"origin":564277,"position":5},"title":"Odiggo receives USD 180k Saudi investment","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"INVESTMENT WATCH- Odiggo receives USD 180k Saudi investment: Egyptian e-commerce platform Odiggo has received USD 180k of investment from an unnamed Saudi investor, taking the value of the company to USD 1.25 mn, according to an emailed statement (pdf). Odiggo connects customers to Egyptian car parts suppliers and service providers.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564277"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564277\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564278"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564277"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564277"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}