Mtor, an Egyptian online marketplace for auto parts, has received $2.8 million in pre-seed funding to enable the digitalization of local automobile workshops and the expansion of its product range.
Algebra Ventures led the funding round, which also included the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several angel investors from around the world.
Mohamed Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil founded Mtor in 2022 to serve as a central hub for affordable, on-demand vehicle parts and local auto repair companies.
Through its partnerships with more than 2,500 auto shops in the Cairo region, the platform has fulfilled more than 70,000 orders since its launch.
“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,” said Mtor CEO Mohamed Maged. “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.”
Due to its disjointed and dispersed supply chain, the local automotive aftermarket is inefficient. Limited product availability, poor fitment data, and a lack of price transparency are just a few of the many issues that workshops and technicians encounter.
Automobile owners will eventually feel the effects of these problems, which include limited service quality assurances and a tedious and complicated procedure to get replacement parts.
By introducing its proprietary Mtor Mechanic app and a controlled, tech-enabled marketplace, Mtor intends to revolutionize this system by making fitting data, pricing, and availability accessible with a single click.
“We are delighted to partner with Mtor’s founders and team, who have built an innovative business that solves a significant pain for mechanics, auto parts suppliers, and vehicle owners. 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,” said Karim Hussein, managing partner at Algebra Ventures.
With the funds received, Mtor will be able to expand its product portfolio, digitize local vehicle workshops, and streamline the supply chain for automotive spare parts in Egypt and the surrounding region, among other goals.
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