Pre-seed funding of US $2.8 million has been raised by the Egyptian online auto parts marketplace Mtor, which plans to use the funds to expand its product line and digitize local auto workshops.
Established in 2022 by Mohamed Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor offers a centralized marketplace for nearby auto repair shops and affordable on-demand auto parts.
Since its launch, the platform has partnered with more than 2,500 auto workshops in the greater Cairo area to deliver over 70,000 orders. After raising US$2.8 million in a pre-seed round led by Algebra Ventures and including participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several local and international angel investors, it is now preparing to expand its offering.
“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.”
With a dispersed and fragmented supply chain, the local auto aftermarket is inefficient. Inaccurate fitment data, scarce product availability, and opaque pricing are just a few of the difficulties that mechanics and workshops must deal with. Car owners eventually bear the brunt of these problems, as they also deal with limited-service quality guarantees and convoluted, drawn-out spare parts procurement procedure. With its regulated, tech-enabled marketplace and its in-house Mtor Mechanic app, Mtor hopes to completely transform this system by making pricing, availability, and fitment information consistently accessible with just one click.
The money raised will be used to digitize neighborhood auto shops, expand Mtor’s product line, and get rid of significant inefficiencies in the region’s and Egypt’s automotive spare parts supply chain.
“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.
