New Investments
Mtor Secures $2.8 Million Pre-Seed Funding to Revolutionize Egypt's Automotive Aftermarket Industry
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.
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.
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.
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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Egyptian Logistics Startup OneOrder Secures $16 Million in Series A Funding For Expansion
OneOrder, a leading Egyptian logistics company, has secured $16 million in a Series A funding round.
May 26, 2024
IFC Invests $25 Million in Acumen’s Fund to Enhance Energy Access in Sub-Saharan Africa
The International Finance Corporation (IFC) has committed up to $25 million to Acumen’s Hardest-to-Reach (H2R) Fund, a $200 million initiative aimed at improving energy access in underserved regions of Sub-Saharan Africa.
October 15, 2024
Husk Power Systems Secures $103 Million in Series D Funding for Cleantech Expansion in Africa and Asia
Husk Power Systems, a pioneering cleantech startup operating in Africa and Asia, has successfully concluded its Series D funding round, raising $103 million.
October 26, 2023
