Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Mtor fills the tank with multi-mn USD pre-seed round: Homegrown automotive tech startup Mtor has raised USD 2.8 mn in pre-seed funding in a round led by our friends at venture capital outfit Algebra Ventures, which announced the investment in a statement(pdf) yesterday. The Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management and a number of other angel investors also contributed to the round.
Mtor is more than just another startup with an aversion to vowels: The Cairo-based startup runs an online and in-application automotive aftermarket platform that connects car mechanics with car part distributors. Mtor says it has fulfilled over 70k orders and partnered with over 2.5k auto workshops since getting started in 2022.
The market is potentially huge: Mtor says our aftersales service market is one of the largest in Africa and MENA, worth more than USD 5 bn with some 8 mn registered vehicles. The average car in Egypt is significantly older than the global average, meaning they tend to have a higher need for service and repair. The company thinks car owners spend the equivalent of USD 600 per vehicle each year to more than 35k workshops and service providers — the vast majority of them not part of a vehicle brand’s authorized network.
Where the money’s going: The startup is planning to grow its team, increase the amount of products it offers, and expand by getting more car workshops on board with the digital platform.
What they said: “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 on expansion in Egypt and beyond,” said Algebra Managing Partner Karim Hussein.
LYCHEE CLOSES SERIES A ROUND-
Lychee secures series A investment:Food and beverage brand Lychee has received an undisclosed amount of funding in a series A round led by Beltone Venture Capital, a subsidiary of Beltone Holding, the company said in a press release (pdf). Twenty-Eight Capital and Index Sports Fund — a private equity fund focused on the sports sector in MENA — also participated in the round. Beltone declined to disclose the value of its investment in the company when we reached out.
Where the money’s going:The new round of funding will facilitate Lychee’s expansion plan, which entails expansion to the Saudi Arabian market, followed by the rest of the GCC, the company said.
