Biddex Secures $2 Million to Digitize Egypt's Automotive Market

Biddex, an online automobile marketplace, has secured a $2 million injection in funding. This investment is set to fuel the company's plans to overhaul the traditional car resale market by addressing long-standing challenges such as limited access to financing, lack of price transparency, and the pervasive mistrust between buyers and sellers.

Founded by Amr Allam, an engineer with over 14 years of experience in the automotive industry, Biddex aims to digitize the entire car buying and selling process. The platform offers a comprehensive suite of features designed to provide a seamless and hassle-free experience, including Buy Now options, Auctions, Trade-Ins, Price Tracking, Import Cars, and Pre-Approved Car Loans. This funding will enable Biddex to expand its services, ensuring that users can negotiate and finalize deals with ease and confidence, even amid economic fluctuations.

Looking beyond the automotive sector, Biddex plans to leverage this investment to extend its innovative solutions to additional industries in its second phase of development, with plans to serve over 5,000 customers in the next three years.