Egypt's used-car company, Sylndr, obtains $15.7 million in funding to compete within the second-hand vehicle sector
In the bustling streets of Cairo, a new player is making waves in Egypt's used-car market. Sylndr, a startup founded in 2021, has recently secured $15.7 million in a Series A funding round, co-led by DPI’s Nclude Fund and Partech.
Sylndr's mission is to address the issues plaguing this market, primarily its informality and fragmentation, through trust, technology, and financing. Since its launch, the company has raised over $30 million in total funding, indicating strong investor confidence and positioning it to capture a significant share of Egypt’s automotive innovation sector.
The funding will be used to enhance Sylndr's platform capabilities, with a focus on improving technology that supports vehicle listings, financing options, and additional services such as insurance and license renewal. This strategy aims to increase trust and transparency in Egypt’s used-car market.
Sylndr has evolved beyond just a marketplace and now operates as a full-stack mobility platform. Its offerings include Sylndr Swift, a digital car loan platform, Sylndr Plus, which offers services like inspections, maintenance, and ownership transfers, and Al-Ajans, a toolkit to help local car dealers digitize and scale.
Ashley Lewis, Managing Partner at DPI, commented that Sylndr is building the digital backbone of mobility and is blending commerce, credit, and technology to fix a broken system. Omar El Defrawy, co-founder and CEO of Sylndr, stated that the raised funds will enable national scaling and product expansion.
Sylndr is backed by top regional investors such as Algebra Ventures, Nuwa Capital, and Raed Ventures. With this new round of funding, the startup is poised to make vehicle buying and financing more accessible and convenient for Egyptian consumers, supported by a comprehensive digital ecosystem. The expansion and digitization strategy will likely make Sylndr a key player in Egypt's used-car market, offering an integrated digital platform for buying, selling, financing, and servicing used vehicles.
Sylndr, with its mission to bridge issues in Egypt's used-car market through trust, technology, and financing, is using the raised funds to strengthen its platform, focusing on improving technology for vehicle listings, financing options, insurance, and license renewal, aiming to foster trust and transparency in the business sector. The startup, currently backed by top regional investors, is also developing Sylndr Swift for digital car loans, Sylndr Plus for inspections, maintenance, and ownership transfers, and Al-Ajans to aid local dealers, positioning itself as a significant player in the finance and technology-driven business of Egypt's used-car market.
