• Mtor, Egypt’s online auto parts marketplace, announced a successful $2.8 million pre-seed funding round led by Algebra Ventures.
• The startup employs sophisticated tech solutions to revolutionize the fragmented supply chain. The platform’s focus is on simplifying and accelerating mechanics’ workflows by providing faster and accurate data, catering to the needs of both mechanics and car owners.
• In just one year since its inception, Mtor has achieved significant milestones, delivering over 70,000 orders and establishing partnerships with more than 2,500 car workshops in the greater Cairo area.
Egypt’s online auto parts marketplace, Mtor, announced it secured a $2.8 million pre-seed funding round led by Algebra Ventures, with participation from Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several prominent local and global angel investors, according to a company statement.
Mtor is reshaping the automotive aftermarket industry through its online marketplace, offering sophisticated tech solutions to streamline the currently fragmented supply chain.
Mtor aims to simplify and accelerate mechanics’ workflows by delivering faster and more accurate data, catering to the needs of both mechanics and car owners.
The platform provides a unified space for local car workshops to access a wide range of automotive spare parts on-demand at competitive prices.
Founded just a year ago, the startup has already made significant strides, delivering over 70,000 orders and partnering with more than 2,500 car workshops in the greater Cairo area.
With Egypt’s automotive after-sales market valued at over $5 billion, Mtor sees enormous untapped potential. The market comprises an aging fleet of 8 million registered vehicles, and car owners spend an average of over $600 annually at more than 35,000 car workshops and service providers.
Mtor plans to utilize the funds raised to expand its product suite, digitize local car workshops, and address major inefficiencies in the automotive spare parts supply chain. The company’s goal is to create a tech-enabled marketplace where global suppliers, importers, and local mechanics can seamlessly interact, optimizing the supply chain for better pricing, availability, and fitment data.
Karim Hussein, Managing Partner at Algebra Ventures, expressed excitement about partnering with Mtor, acknowledging the innovative business that solves significant pain points for mechanics, auto parts suppliers, and vehicle owners.
Laurens Groenendijk, Managing Partner at Dutch Founders Fund, emphasized Mtor’s alignment with their strategy to modernize legacy industries and streamline procurement processes.
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