Empowering Local Car Workshops and Streamlining Car Services
In a groundbreaking development, Egyptian online car parts marketplace Mtor has successfully raised $2.8 million in pre-seed funding. This substantial investment is poised to propel Mtor's mission to expand its product suite and usher in a new era of digitization for local car workshops.
A Unified Platform for Car Workshops
Founded in 2022 by Mohamed Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor set out with a vision to create a unified platform that seamlessly connects local car workshops with on-demand automotive spare parts, all at reasonable prices. Since its inception, the platform has facilitated over 70,000 orders, collaborating with more than 2,500 car workshops in the greater Cairo area.
Pre-Seeds Funding Success
Mtor's latest pre-seed funding round, led by Algebra Ventures with participation from Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several local and global angel investors, marks a significant milestone. The infusion of $2.8 million positions Mtor to expand its services and offerings, revolutionizing the automotive aftermarket in Egypt.
Empowering Car Owners and Mechanics
CEO Mohamed Maged highlights the challenges car owners face when servicing their vehicles, emphasizing Mtor's role in transforming this experience. Mtor aims to simplify and enhance the process, providing local car workshops with quality parts, competitive pricing, and a seamless customer experience. The goal is to establish Mtor as the most trusted partner for mechanics, catering to car owners' needs efficiently.
Addressing Industry Inefficiencies
The local automotive aftermarket is plagued by inefficiencies, including a fragmented supply chain and challenges for workshops and mechanics, such as limited product availability and a lack of price transparency. Mtor, through its tech-enabled marketplace and proprietary Mtor Mechanic app, addresses these issues with a user-friendly interface offering reliable information on pricing, availability, and fitment data.
Future Endeavors: Digitization and Efficiency
The funds raised in this round will be instrumental in growing Mtor's product suite, digitally transforming local car workshops, and eliminating major inefficiencies in the automotive spare parts supply chain not only in Egypt but also across the region. Mtor's unique visual and voice interface, combined with advanced fitment and parts matching technology, is set to revolutionize how mechanics source and procure parts, making the process more efficient and less time-consuming.
Supporting Innovation and Expansion
Karim Hussein, Managing Partner at Algebra Ventures, expresses enthusiasm about the partnership with Mtor. He highlights Mtor's innovative approach, specifically its visual and voice interface, and looks forward to supporting the platform's expansion within Egypt and beyond.
Mtor's successful funding round marks a pivotal moment for the automotive industry in Egypt. With a commitment to innovation and efficiency, Mtor is poised to reshape how car services are delivered and experienced, promising a future where local car workshops thrive and car owners enjoy a seamless, reliable service.
