• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 30, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business StartUPs

Mtor Gets $2.8M Pre-Seed Investment to Shake-up Egypt’s Auto Parts Market

by Joan Aimuengheuwa
December 5, 2023
in StartUPs
0
Mtor Gets $2.8M Pre-Seed Investment to Shake-up Egypt’s Auto Parts Market
Mohamed Maged, Founder, Mtor

Mohamed Maged, Founder, Mtor

UBA
Advertisements

Egypt’s automotive aftermarket, online auto parts marketplace Mtor has raised $2.8 million in a pre-seed investment round. 

The funding was led by Algebra Ventures, an Egypt-focused venture capital firm, with participation from Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital, and various local and global angel investors.

Founded by Mohamed Maged in April 2022, Mtor aims to streamline the auto parts supply chain, addressing inefficiencies and fragmentation. Maged, drawing inspiration from his experience in the German automotive sector, identified a gap in the Egyptian market regarding distribution, information, and technical knowledge of spare parts.

Initially focusing on supplying spare parts to local workshops and managing logistics, Mtor has expanded its operations over time. The company formed strategic partnerships with importers, and now facilitates the distribution of auto parts in a market with thousands of local service providers and an extensive fleet of 8 million vehicles.

The Egyptian automotive after-sales market, valued at over $5 billion, presents a vast opportunity for Mtor. With an aging vehicle fleet, car owners spend an average of $600 annually, highlighting the considerable potential within the market. Mtor aims to address pain points for local workshops, such as fitment data inaccuracies, logistics challenges, parts availability, and price transparency.

One of Mtor’s key differentiators is its role as an intermediary, connecting local workshops directly with importers through its tech platform. By doing so, Mtor seeks to bridge the gap between official dealerships, where prices are higher, and local workshops that offer more affordable options, albeit with potential compromises in quality.

The startup operates on a margin model tied primarily to the parts themselves, ensuring standardized pricing and providing free delivery. In the past 18 months, Mtor has successfully served over 2,500 workshops, fulfilling more than 70,000 orders. The business has established partnerships with over 60 importers.

Mtor’s Mechanic app enhances efficiency and collaboration within the automotive aftermarket. The app facilitates ordering, provides insights into compatible aftersales parts, and manages the redirection of parts between Mtor’s inventory and importers, creating a robust feedback loop.

Unlike some platforms in the market, Mtor focuses on B2B customers, specifically targeting mechanics rather than connecting car owners with service providers. Maged notes that while other B2C players in the market complement Mtor’s model, the startup doesn’t see them as direct competitors.

Mtor plans to utilize the newly acquired funding to strengthen partnerships with major importers and parts suppliers. The startup’s unique visual and voice interface, coupled with a sophisticated fitment and parts matching engine, has garnered support and enthusiasm from investors.

Karim Hussein, Managing Partner at Algebra Ventures, expressed excitement about supporting Mtor’s expansion in Egypt and beyond, recognizing the innovative solutions it brings to mechanics, auto parts suppliers, and vehicle owners.

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Algebra VenturesMohamed MagedMtor
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Yashnath Issur, CEO of Nxtra by Airtel

Airtel Africa Launches Nxtra by Airtel to Accelerate Continent’s Digital Transition

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Elon Musk Set to Rebrand Twitter as he Replaces the Twitter Bird Logo with an "X"

Elon Musk Set to Rebrand Twitter as he Replaces the Twitter Bird Logo with an “X”

2 years ago
Arik Aircraft Grounded

Airfares Jack-Up by 150%– Report

12 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.