Day: December 6, 2023

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Mtor Secures $2.8 Million Pre-Seed Funding to Revolutionize Egypt’s Automotive Aftermarket Industry

New Investments

Mtor Secures $2.8 Million Pre-Seed Funding to Revolutionize Egypt's Automotive Aftermarket Industry

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Egyptian online auto parts marketplace Mtor has secured $2.8 million in pre-seed funding, led by venture capital firm Algebra Ventures, with participation from notable investors, including Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several prominent local and global angel investors.
 
Mtor is disrupting the automotive aftermarket industry with its innovative tech solutions.
 
The online marketplace streamlines the fragmented supply chain, offering local car workshops a unified platform to access a vast range of automotive spare parts on demand and at competitive prices.
 
By catering to the needs of both mechanics and car owners, Mtor aims to provide faster deliveries, accurate data, and a simplified workflow for mechanics.

Founded just a year ago, Mtor boasts a team with extensive expertise in tech, automotive, and logistics.
 
The company is tackling Egypt’s massive automotive after-sales market, valued at over $5 billion and considered one of the largest in Africa and the MENA region.
 
With an ageing fleet of 8 million registered vehicles and an average car age exceeding the global average, car owners in Egypt spend over $600 annually at the country’s 35,000+ car workshops and service providers. This immense demand presents significant untapped potential.

The current automotive aftermarket in Egypt suffers from a fragmented and inefficient supply chain.
 
Workshops face challenges like limited product availability, inaccurate fitment data, and a lack of price transparency.
 
Mtor’s tech-driven platform, backed by its proprietary Mtor Mechanic app, addresses these issues head-on.
 
The app provides workshops with reliable, one-click access to accurate pricing, availability, and fitment data, empowering them to optimize their workflows.

The latest funding will be used to enhance Mtor’s product offerings, digitize local car workshops, and eliminate major inefficiencies in Egypt’s and the region’s automotive spare parts supply chain. 

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BasiGo Secures $5 Million Funding to Accelerate Electric Bus Assembly in Kenya

New Investments

BasiGo Secures $5 Million Funding to Accelerate Electric Bus Assembly in Kenya

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BasiGo, a Kenyan electric bus company operating in Kenya and Rwanda, has announced a $5 million debt financing agreement with British International Investment (BII), the UK’s development finance institution and impact investor.
 
This funding will enable BasiGo to scale its electric bus assembly operations in Kenya and accelerate its mission to deliver 100 electric buses to the country.

BasiGo will repay the $5 million loan to BII on agreed-upon terms. This capital injection will be crucial in scaling BasiGo’s local assembly capabilities and meeting the rapidly growing demand for electric buses from Kenyan bus operators.

BasiGo has successfully deployed 19 electric buses in Nairobi, operated by various privately owned mini-buses used for public transport companies.
 
The buses are powered by Kenya’s abundant renewable energy, contributing to a cleaner and more sustainable transportation system for the country.

“Electrification of public transport in Kenya holds transformative potential,” says Jonathan Green, co-founder and chief financial officer of BasiGo.
 
“By leveraging our pay-as-you-drive model and offering flexible purchase options, we can empower matatu companies to adopt clean energy solutions without significant upfront costs.”

BasiGo’s unique pay-as-you-drive model provides two options for matatu companies. Customers can purchase an electric bus without a battery, reducing the initial cost. Alternatively, they can opt for a subscription service, which covers the battery lease, free charging at BasiGo’s stations, and maintenance, offering a convenient and hassle-free solution.
 
The K6 electric bus costs $35,600 for the initial purchase, with the subscription service costing $0.14 per kilometer.

This $5 million loan from BII signifies a significant step forward in BasiGo’s journey to revolutionize public transport in Kenya.
 
With expanded production capacity and an innovative business model, BasiGo is poised to play a pivotal role in decarbonizing Kenya’s transportation sector and promoting sustainable mobility solutions for the future.
 

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