Egypt’s Mtor Raises $2.8M Pre-seed Funds
The Egyptian online auto parts marketplace will use the funds to expand their operations.
Egyptian online auto parts marketplace Mtor has raised $2.8 million in pre-seed investment led by Egypt-focused venture capital firm Algebra Ventures.
Other investors that participated in the round include Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital, and other local and global angel investors, the startup said in a statement.
Mtor’s founder and CEO, Mohamed Maged, established the startup in April 2022. His inspiration for the venture emerged from years spent in Germany, where he gained experience in the automotive sector.
Upon returning to Egypt in 2020, Maged joined the B2B e-commerce marketplace MaxAB, holding two distinct head of expansion roles before departing to launch Mtor.
Since its launch, the startup expanded operations, forming partnerships with importers to facilitate distribution in an Egyptian market home to thousands of local service providers and millions of cars needing maintenance and after-sales parts.