Egypt’s online used-car retailer Sylndr has raised $12.6 million in pre-seed funding that will be used to build operational capabilities, technology infrastructure, brand awareness and double the size of its team.
Sylndr, which was founded by Omar El Defrawy and Amr Mazen, currently has a team of around 40 people.
“We aim to become the most trusted used cars retailer in the region. Our customers will be able to sell their cars directly in as little as 24 hours, with free collection and fast payment.” Omar El Defrawy, Sylndr’s Chief Executive Officer, said. “Sylndr will be the go-to place for customers seeking affordable cars, featuring an extensive range of high-quality used vehicles accessible through a diverse set of financing solutions.”
There are over 4 million registered passenger vehicles in Egypt.
Omar A. Almajdouie, Managing Partner at RAED Ventures said: “The secondary car market is highly fragmented and more often than not, consumers do not have a trusted counterpart.”
“The market is massive, ripe for disruption and we’re excited to be part of Sylndr’s journey as they transform and set an entirely new standard for the used car market. Given the unique background and experience of this team, we believe in their ability to crack this business model.” he added.
The pre-seed round led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and regional and global angel investors.
