Connect with us

Tech

Egyptian online auto parts startup Mtor raises $2.8m funding

Published

on

Egyptian online auto parts startup, Mtor, has announced raising $2.8 million in pre-seed funding to enable it expand its product portfolio to digitise local car workshops in the country.

Co-founder and CEO of the startup, Mohamed Maged, who made the announcement, explained that with the funds which were secured from Algebra Ventures with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors, the firm was set to expand its offering.

“With the new funds, we aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged said.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience.

“The local automotive aftermarket is inefficient with a fragmented and scattered supply chain. Workshops and mechanics face many challenges, including limited product availability, inaccurate fitment data, and a lack of price transparency.

“These issues inevitably trickle down to car owners, who are also faced with limited-service quality guarantees and a complex, time-consuming spare parts procurement process.

Mtor aims to overhaul this system through its controlled, tech-enabled marketplace, backed by its proprietary Mtor Mechanic app, where pricing, availability, and fitment data are reliably just a click away,” the CEO stated.

He added that the funds raised would be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Founded in 2022 by Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

It has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area, according to the company’s profile on its website.

Tech

Tanzania’s horticultural industry gets $2.1m grant from TradeMark Africa to boost market expansion

Published

on

The Tanzanian horticultural industry has recieved a grant of $2.1 million from TradeMark Africa to enable it boost its market expansion.

According to TradeMark Africa’s Regional Director for East and Central Africa, Ms. Monica Hangi, the Tanzania Horticultural Association (TAHA) and TradeMark signed a grant agreement to initiate the Phase II of their collaborative project

“The Phase I of the project which ran from January 2019 to June 2023, yielded tangible results, with 27,854 farmers (35% women, 65% men, and 40% youth) linked to markets, and approximately 50,000 tons of horticultural products worth roughly TZS 42.7 billion (US$18.3 million) sold.

“This second phase, backed by a $2.1 million (Tzs 5.4billion) grant from TMA funded by the Foreign, Commonwealth & Development Office (FCDO), Norway, and Ireland, spans three years and focuses on advancing market access, promoting sustainable trade practices, and empowering local farmers in the horticultural industry,” she said in a statement on Wednesday.

Hangi noted that despite notable successes recorded with the first phase, the sector continues to face substantial challenges, including limited financing access, climate change impacts, and inadequate market information, which could hinder growth.

“These challenges necessitate a united approach from both the government and private sector, incorporating policy support, research and development investment, and development sector initiatives aimed at improving market and credit access for farmers,” she said.

She added that the grant highlighted the significance of supporting the horticultural sector, particularly in mitigating unemployment among youth and women.

“Our commitment through this substantial grant is to upscale production, increase export volumes, and, consequently, job opportunities, thereby reinforcing Tanzania’s standing in the global horticultural market,” said Hangi

Continue Reading

Tech

Civil society group says planned online regulation under IBA Act, an affront on media freedom (Video)

Published

on

Chapter One Foundation Executive Director, Linda Kasonde, says the planned online regulation under the new Independent Broadcasting Authority (IBA) Act is an affront to media freedom and freedom of expression.

Kasonde said most of the countries which have regulations in place for online content like Podcasts are well known for dictatorship type of governance.

She said this during the Foundation’s public forum on the IBA Act titled the new IBA Act: “Are media freedoms under threat” in Lusaka on Friday evening.

“It’s worthy listing the countries that regulate online broadcasting and these area as follows China, Eriteria, Cuba, Iran, North Korea, Belarus, Burma and Tagministan and if you pay attention to this list you will notice that these are well established dictatorship,” Kasonde stated.

She urged government not to join such countries which do not respect freedom of expression and in the end deny people access to the right information.

She added that the Cyber Security Act also aggravated the situation in Zambia of inhibiting democratic values and media freedoms.

Kasonde advised that government should not create unnecessary barriers to information that would inhibit the market place to ideas from freely being allowed to flow.

“So if Zambia does decide to enact the new IBA Act what would be the potential consequences to freedom of expression in our country,” she asked.

Kasonde noted that with the existing IBA Act, the country had seen the law weaponised and used to shut down private or independent broadcasters such as Prime TV, Komboni Radio and KBN News.

She said the proposal on regulating public broadcasters which had been getting away with a number of issues as a result of politics was welcome and would be supported and not the regulation of online broadcast.

Continue Reading

EDITOR’S PICK

Tech5 hours ago

Tanzania’s horticultural industry gets $2.1m grant from TradeMark Africa to boost market expansion

The Tanzanian horticultural industry has recieved a grant of $2.1 million from TradeMark Africa to enable it boost its market...

Culture6 hours ago

South African Jazz great Abdullah Ibrahim to embark on world tour at age 90

Renowned South African jazz master and pianist, Abdullah Ibrahim, is set to embark on an unprecedented world tour to celebrate...

Sports6 hours ago

Kenya unveils ‘killer-squad’ for Paris Olympics marathon Ahead of the 2024 Paris Olympic

Ahead of the 2024 Paris Olympic Games kicking off in July, Kenya has unveiled a “killer-squad” for the marathon event....

Tech8 hours ago

Civil society group says planned online regulation under IBA Act, an affront on media freedom (Video)

Chapter One Foundation Executive Director, Linda Kasonde, says the planned online regulation under the new Independent Broadcasting Authority (IBA) Act...

Metro9 hours ago

Clergyman raises concern over abuses associated with digital rights and freedom of expression

Emmanuel Kalulu, a clergy member from the Brethren Christ Church in Choma, has expressed concerns about the misuse of media...

Politics10 hours ago

Nigeria’s Dangote refinery set to get valid operating licence

The Nigerian government has revealed that the 650,000 barrels per day Dangote Petroleum Refinery will soon receive a full operating...

Musings From Abroad11 hours ago

US wants UAE, others to cease support for Sudan’s warring parties

The United States wants all countries, including the United Arab Emirates, to stop helping the warring sides in Sudan, the...

Musings From Abroad11 hours ago

W’Bank chief Banga expects rich nations to meet Africa’s donation expectations

Ajay Banga, President of the World Bank, has said that he thinks donor countries will follow through on African leaders’...

VenturesNow11 hours ago

Kenya: President Ruto assured of fresh IMF disbursement

This would help the economy, which is getting better after avoiding a debt problem earlier this year. Since the government...

VenturesNow12 hours ago

In 30 years, half of Nigerian biscuit companies went out of business— Manufacturers

The Manufacturers Association of Nigeria has claimed that in the last 30 years, half of the companies in the biscuit...

Trending