{"id":611395,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/autostartup-mtor-lands-usd-2-8-mn-in-pre-seed-round-lychee-closes-series-a\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"autostartup-mtor-lands-usd-2-8-mn-in-pre-seed-round-lychee-closes-series-a","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/autostartup-mtor-lands-usd-2-8-mn-in-pre-seed-round-lychee-closes-series-a\/","title":{"rendered":"Autostartup Mtor lands USD 2.8 mn in pre-seed round, Lychee closes series A"},"content":{"rendered":"

Mtor fills the tank with multi-mn USD pre-seed round:<\/strong> Homegrown automotive tech startup Mtor<\/a> 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<\/a>(pdf)<\/a> yesterday. The Dutch Founders Fund<\/a> (DFF), Aditum Ventures<\/a>, LoftyInc Capital Management<\/a> and a number of other angel investors also contributed to the round.<\/p>\n

Mtor is more than just another startup with an aversion to vowels: <\/strong>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.<\/p>\n

The market is potentially huge: <\/strong>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 \u2014 the vast majority of them not part of a vehicle brand\u2019s authorized network.<\/p>\n

Where the money\u2019s going: <\/strong>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.<\/p>\n

What they said: <\/strong>\u201cMtor\u2019s 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,\u201d said Algebra Managing Partner Karim Hussein.<\/p>\n

LYCHEE CLOSES SERIES A ROUND-<\/strong><\/p>\n

Lychee secures series A investment:<\/strong>Food and beverage brand Lychee<\/a> 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)<\/a>. Twenty-Eight Capital<\/a> and Index Sports Fund \u2014 a private equity fund focused on the sports sector in MENA \u2014 also participated in the round. Beltone declined to disclose the value of its investment in the company when we reached out.<\/p>\n

Where the money\u2019s going:<\/strong>The new round of funding will facilitate Lychee\u2019s expansion plan, which entails expansion to the Saudi Arabian market, followed by the rest of the GCC, the company said. <\/p>\n","protected":false},"excerpt":{"rendered":"

The pre-seed round was led by Egyptian venture capital firm Algebra Ventures<\/p>\n","protected":false},"author":1,"featured_media":611396,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[398,144,812,7444,72,900,11839,11838,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-algebra-ventures","tag-automotive","tag-beltone-financial","tag-beltone-venture-capital","tag-enterpriseam","tag-food-and-beverage","tag-lychee","tag-mtor","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"4a2e8f25-43c3-44b4-828b-3250d2588fea","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/288.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Autostartup Mtor lands USD 2.8 mn in pre-seed round, Lychee closes series A","related_issue":[611384],"teaser":"The pre-seed round was led by Egyptian venture capital firm Algebra Ventures","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.75dd9162-1a31-4370-9e01-eef286c699bb.mp3"},"yoast_head":"\nAutostartup Mtor lands USD 2.8 mn in pre-seed round, Lychee closes series A - 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Accion Venture Lab, which had recently secured USD 33 mn in funds\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571447,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/brimore-raises-usd-3-5-mn-in-pre-series-a-investment\/","url_meta":{"origin":611395,"position":1},"title":"Brimore raises USD 3.5 mn in pre-series A investment","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"STARTUP WATCH- Cairo-based social commerce platform Brimore has raised USD 3.5 mn in a pre-series A funding round led by Algebra Ventures, the company announced in a statement to Enterprise (pdf). Flat6Labs, Disruptech, Vision Ventures and 500 Startups also participated in the round. The investment comes a year after the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566463,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/trella-closes-usd-42-mn-series-a-round-co-led-by-maersk-vc-arm\/","url_meta":{"origin":611395,"position":2},"title":"Trella closes USD 42 mn series A round co-led by Maersk VC arm","author":"enterpriseam admin","date":"21 June 2021","format":false,"excerpt":"Egyptian digital trucking platform Trella closed a USD 42 mn series A round co-led by Maersk Growth, the venture capital arm of container shipping giant Maersk, according to a statement (pdf). The financing includes USD 30 mn new equity and USD 12 mn debt facilities, which likely go towards the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/548.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","url_meta":{"origin":611395,"position":3},"title":"Algebra Ventures nets USD 100 mn first close on second fund","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Venture capital firm Algebra Ventures\u2019 second fund has reached a USD 100 mn first close, surpassing the USD 90 mn initially targeted, according to a companystatement(pdf). The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566759,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/yodawy-lands-usd-7-5-mn-in-a-series-b-funding-round\/","url_meta":{"origin":611395,"position":4},"title":"Yodawy lands USD 7.5 mn in a series B funding round","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"Yodawy raises USD 7.5 mn in a Algebra, MEVP, Global Ventures-led series B funding: Pharma platform Yodawy has landed USD 7.5 mn in a series B funding round led by Algebra Ventures, Beirut-based Middle East Venture Partners (MEVP) and UAE-based venture capital fund Global Ventures, according to an emailed statement\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568796,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egyptian-food-tech-startup-elmenus-raises-usd-8-mn-in-series-b-round\/","url_meta":{"origin":611395,"position":5},"title":"Egyptian food-tech startup Elmenus raises USD 8 mn in series B round","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"STARTUP WATCH- Elmenus raises USD 8 mn in Algebra, Global Ventures-led series B funding round: Cairo-based food-tech startup Elmenus has raised USD 8 mn in a series B funding round led by our friends at Algebra Ventures and UAE-based venture capital fund Global Ventures, according to an emailed statement (pdf).\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611395"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611395\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611396"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611395"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611395"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}