Mtor, a digital auto parts marketplace headquartered in Cairo, Egypt, has raised $2.8 million in a pre-seed funding round led early backers Algebra Ventures, with participation from DFF (Dutch Founders Fund), Aditum Investment Management, LoftyInc Capital, and other local and global angel investors, the company announced on its LinkedIn page.
Mtor said this marks a significant milestone in its quest to create a one-stop shop for local car workshops.
A pivotal moment as we pave the way for tech-innovation designed to elevate local workshops and shape the future of Egypt’s Auto Industry.
According to an article from TechCrunch, Mtor’s founder and CEO, Mohamed Maged, established the startup in April 2022 after spending time in Germany’s automotive sector. Maged told TechCrunch in an interview that his goal with Mtor is to address inefficiencies and fragmentation within the auto parts supply chain and the automotive aftermarket, specifically focusing on local workshops and car mechanic spaces.
According to Business Insider Africa, Egypt is home to one of Africa’s largest vehicle fleets with around six million vehicles on the country’s roads, with the majority – approximately 4.6 million – being passenger cars. In addition, the car parc consists of almost a million trucks and about 470,000 buses. Most passenger cars are petrol-powered, and many commercial vehicles rely on diesel engines but that could change as OEMs are starting to manufacture EVs in the country.
TechCrunch estimated that Egypt’s automotive aftermarket sales exceed $5 billion.
