Egyptian digital auto-marketplace, Mtor raises $2.8 million pre-seed

Egypt boasts one of the largest automotive after-sales markets in the African and MENA regions, with a market value surpassing $5 billion. The country's fleet comprises eight million registered vehicles, displaying an average car age notably higher than the global average. Car owners are investing an average of over $600 annually across more than 35,000 car workshops and service providers, underscoring the significant potential of Egypt's automotive after-sales market.

Last year, Mtor, an Egyptian online marketplace for auto parts launched to provide tech solutions to streamline a currently fragmented supply chain, creating a unified platform for local car workshops to access a broad range of automotive spare parts on-demand at competitive prices.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience,” Mohamed Maged, CEO of Mtor, said.

Catering to the needs of mechanics and car owners, Mtor strives to provide faster delivery and accurate data that simplifies and accelerates the mechanic’s workflow. Since its inception, Mtor has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area.

In a recent move to double down on its efforts, Mtor raised $2.8 million in a pre-seed funding round. The round was led by Algebra Ventures and saw participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, alongside other investors.

The funds raised will be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Mtor has partnered with leading spare parts importers to facilitate their distribution to workshops and provide them with the necessary predictive demand data to optimise their importing cycles and cash flow. Above all, Mtor's fundamental objective is to cultivate an exceptional team to provide stellar products and services across the automotive aftermarket supply chain.

“We aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged added.

“We are building the tech infrastructure where global suppliers and importers, as well as local mechanics, can speak the same language, optimising the supply chain through a controlled, tech-enabled marketplace where pricing, availability, and fitment data are reliably one click away from workshops,” Maged added.

According to Karim Hussein, Managing Partner at Algebra Ventures, said: “Mtor’s unique visual and voice interface, coupled with a sophisticated fitment and parts matching engine, eliminates the hours spent daily by mechanics hunting for the right part at the right price. We look forward to supporting Mtor's expansion in Egypt and beyond.”