Egyptian online used car retailer Sylndr has raised a US$12.6 million pre-seed funding round to help expand its operational and technological infrastructure, increase brand awareness, and grow its team.
Founded by Omar El Defrawy and Amr Mazen in November 2021, Sylndr is an automotive-focused e-commerce marketplace, allowing customers to reliably and transparently sell and buy used cars.
“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,” El Defrawy, Sylndr’s chief executive officer (CEO), 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.”
In furtherance of that goal, the startup has raised a US$12.6 million pre-seed round led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a number of prominent regional and global angel investors. The capital raised will be allocated to building Sylndr’s operational capabilities, technology infrastructure and brand awareness, as well as developing a “superstar team” able to actualise its vision.
“We are privileged to have earned the trust of such a distinct group of regional and global investors; a testament to the immense potential of the opportunity, and the breadth of our founding team,” said El Defrawy.
“If we do our job right, our impact will be felt by so many Egyptians across different market segments, as we empower them to own their dream cars.”
Omar A. Almajdouie, managing partner at RAED Ventures, said the secondary car market was highly fragmented, meaning more often than not consumers lacked 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 said.
